Home Ethereum News Ethereum Another Ethereum Transaction Charged Shocking $2.6 Million Fees

Another Ethereum Transaction Charged Shocking $2.6 Million Fees

  • Someone has moved a total of 350 ETH and in the process had to pay a whopping total of approximately 10668.7 ETH as the transaction fees.
  • The first transaction was of 0.55 ETH and followed by the second transaction was of 350 ETH.
  • Later, in an interview, Anthony Sassano, the product marketing manager and Ethhub’s co-founder, suggested that it may be an attempt at recovering the fees by the mining pool.

A few hours ago, another mysterious transaction is seen in the Ethereum network. Someone has moved a total of 350 ETH and in the process had to pay a whopping total of approximately 10668.7 ETH as the transaction fees! Which means for transferring an amount of $83,748, the user had to pay a total of 2.6 million USD? It is definitely not believable that someone would prefer to do this in their brightest of their intentions. The transaction is said to be mined by Bitfly on its Ethereum’s ETH pool. The first transaction was of 0.55 ETH and followed by the second transaction was of 350 ETH.

This has definitely given rise to many suspicions which is pretty normal considering this big a glitch.  

The basic fees required for a transaction according to the Ethereum Gas Station is only about 0.153 USD, and just in case a user opts to achieve a faster transaction, then a fee of 0.2 USD would be deducted. But this makes no sense because the fee incurred was around thousands of times more than the actual transaction fees. 

Response From Ethereum Community on Unusual Transaction Fees

In response to the first transaction, in an interview, Anthony Sassano, the product marketing manager and Ethhub’s co-founder suggested that it may be an attempt at recovering the fees by the mining pool and that they may have reverted the fees to their original owner.

Later in the second transaction, the mining pool involved in transaction extended their support to the user, bitfly shared their response in a tweet.

On the response to these unusual transactions, ethereum co-founder responded in a tweet calling it a mistake, which he expects to be resolved with EIP 1559.

Whereas some analysts say that this is nothing but just a mistake. However, there are some unusual factors which we should take into consideration. Normally, blocks are added in the manner of their transaction price which in this case is not valid because it was added to the block first, suggesting that some other authority may have forcefully done the transaction.

Download our App for getting faster updates at your fingertips.

en badge web generic.b07819ff

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners

Must Read

XRPL labs soon to release the productive version of XUMM

The last beta version of the XUMM application has been releasedDevelopers have fixed all the bugs in the XUMM applicationXUMM can build...

EagleFX Review

EagleFX is an online forex and cryptocurrency broker. It is headquartered at the Commonwealth of Dominica and was formed in 2019 with...

Ethereum Enters Critical Resistance Zone With Bullish Move Needs to Show Sustainability

Ethereum is finally into resting the critical resistance zone lying around $480.00 to $490.00 with a weekly gain of 4.00%However, the ETH/BTC...

Is Bitcoin Heading for New All-time High in 2020?

Bitcoin price trading above the price levels of January 2018, after breaking multiple resistance over a yearly chartBitcoin Dominance is currently at...

Will Curve DAO Token Be Able to Have a Bullish Run By Forming Parabolic Curve on Chart?

Curve DAO Token has faced significant price corrections activity from the past couple of months resulting in the price levels to reach...

Is OMG Network Signalling For Consolidation After Retracing and Moving Within Symmetric Triangle

After testing the major resistance level of $3.80, OMG Network faced strong retracement and looking to touch the support level of $3.20...

Related News

Ethereum Enters Critical Resistance Zone With Bullish Move Needs to Show Sustainability

Ethereum is finally into resting the critical resistance zone lying around $480.00 to $490.00 with a weekly gain of 4.00%However, the ETH/BTC...

Ethereum and Ripple to be Considered as Securities

Gary Gensler will direct one of Joe Biden’s financial regulation teams.Ethereum (ETH) and Ripple (XRP) could be classified as Securities.No comments from...

Huge Ethereum Blackout Powers Crypto Trades to Impede Withdrawals

Infura administration power outage sees Binance and others shut down ETH withdrawals.Infura gives a basic method to organizations to convey decentralized applications...

Is Ethereum Ready to Participate in Bull Run Standing at $400?

Ethereum bounced from its support of $375 and had a positive breakout from the falling channel pattern formed over the monthly chartThe...

UNI Slipping Continuously Making New Lows

UNI stands at $2.38 making new lows of $2.29 over the monthly chart resulting in the formation of a falling channel pattern The...