AMBCrypto Weekly


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


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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