ETHEREUM TXN FEE SHOT UP TO $2.63 MN FOR ONE TRANS­AC­TION

This has been the high­est trans­ac­tion fee paid on the Ethereum net­work to date.

AMBCrypto Weekly - - Front Page -

Ethereum net­work just wit­nessed the high­est value of trans­ac­tion fees be­ing spent on a sin­gle trans­ac­tion. Ac­cord­ing to an on-chain data provider, Ether scan noted that on block num­ber 10237208, a trans­fer of 0.55 Ether which was worth $133.87, was trans­acted for a fee of 10,668.73185 ether or $2.596 mil­lion.

This has been the high­est trans­ac­tion fee paid on the Ethereum net­work to date. Crypto Twit­ter was out spec­u­lat­ing the rea­sons be­hind this and many at­trib­uted it to hu­man er­ror but a twit­ter user, @at­van­guar, sug­gested that a hacker meant to laun­der Ethereum. Since trans­ac­tions can­not be re­versed, the sender will be at a loss of mil­lions, but this might serve as a re­minder to be ex­tra care­ful while trans­act­ing crypto.

Look­ing into the de­tails of the trans­ac­tion, the sender had a bal­ance of 45,997.92 Ether, which was close to $11.200 mil­lion. This in­fa­mous trans­ac­tion of 0.55 ether was al­lot­ted all the avail­able gas which was 21,000. This could have been the re­sult of neg­li­gence from the sender’s end; Mes­sari’s Ryan Watkins high­lighted the chal­lenges with cryp­tocur­rency user ex­pe­ri­ence.

Gas on Ethereum mea­sures the amount of com­pu­ta­tional ef­fort it will take to ex­e­cute a cer­tain op­er­a­tion. As miner Spark pool mined the block, this er­ror might have led them to gain mil­lions for a mi­nus­cule trans­fer.

Look­ing into the re­ceiver’s wal­let ad­dress- 0x12D8012C­b8B268D59f­bf0b2F7C23­02F25EC74E­84, this trans­ac­tion was in­stantly moved to an­other ad­dress with the bal­ance of zero ether. The sub­se­quent trans­ac­tion did not note a high trans­ac­tion fee, but 0.000861 Ether [$0.21].

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