- 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.
Today our Ethermine ETH pool mined a transaction with a ~10.000 ETH fee (https://t.co/B5gRWOrcPf). We believe that this was an accident and in order to resolve this issue the tx sender should contact us at via DM or our support portal at https://t.co/JgwX4tGYr4 immediately! pic.twitter.com/sWxVRx5muv
— Bitfly (@etherchain_org) June 11, 2020
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.
Definitely a mistake.
I'm expecting EIP 1559 to greatly reduce the rate of things like this happening by reducing the need for users to try to set fees manually.
— vitalik.eth (@VitalikButerin) June 10, 2020
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.