Due to an error, a Bitcoin (BTC) user paid the equivalent of $800,000 in fees for a single transaction. What happened?
$800,000 in fees for a single Bitcoin (BTC) transaction
During periods of high usage of a blockchain network, it is common to see transaction fees temporarily skyrocket. But Thursday evening, a Bitcoin (BTC) user stood out by paying the equivalent of $800,000 in fees.
Indeed, Whale Alert's X account first reported this curious transaction in the evening. As shown in the transaction summary below, we can indeed see that the user in question paid over 8.18 BTC in fees:
Summary of the transaction
In reality, the supposed network congestion cannot alone explain the expenditure of such an amount. Typically, such anomalies arise from human error, often due to incorrect transaction setup. In this case, a comment suggests that a decimal error may have been made regarding the tip given to the minor to process the transaction as a priority.
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Bitcoin being inherently immutable, such an error should in theory be permanentbut a user alerted the miner on X, in this case Foundry, explaining that the error came from one of his friends, who had ālost all his bitcoins“. For his part, Kevin Zhang, one of Foundry's executives, responded that the company was aware of the situation and was working on a solution:
Tweet mentioning transaction error
š Also in the news ā Salvador: Bukele buys $1 million in Bitcoins 24 hours after his agreement with the IMF
So, we can assume that the inattentive user will see their BTC returned to them. If the story seems to end well for him, this should nevertheless alert us to the responsibilities implied by a decentralized environment as well as the need to train and remain vigilant in what we do.
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Source: Whale Alert, X
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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