Bitcoin Forum

Source:
https://etherscan.io/tx/0xca8f8c315c8b6c48cee0675677b786d1babe726773829a588efa500b71cbdb65

I am pretty much this was because of fat fingers, but how an earth there's no security measures for this kind of thing? It's 2020 already and after seeing this kind of mistakes, i am pretty sure that ETH adoption is further away. Just one warning message informing about the possible huge mistake could have saved millions for this guy.


Edit (12.6.2020):
- There are now 3 transactions with abnormal fees (https://twitter.com/dahongfei/status/1271370907655667714) so we can pretty much rule out any mistake. Even though the third was from another address, it's just too much of a coincidence.
- New theory arises that this is a blackmail attempt (https://decrypt.co/32145/hackers-blackmail-exchange-with-5-million-of-ethereum-fees-report)

Edit: 17.6.2020
Eth is now distributed to the mining pool contributors as it has been unclaimed (https://decrypt.co/32436/more-than-2-million-worth-ethereum-goes-unclaimed)
Crypto researcher rebuts $5 million Ethereum fee 'blackmail theory' (https://decrypt.co/32570/crypto-researcher-rebuts-ethereum-fee-blackmail-theory)

Edit: 18.6.2020
Ponzi scheme called Good Cycle owns the addresses where the money was send from (https://www.theblockcrypto.com/linked/68593/the-sender-of-5-million-ethereum-transaction-fees-has-revealed-itself)

shit happens i guess... It isn't the first time tough... For example: https://www.blockchain.com/btc/tx/258478e8b7a3b78301661e78b4f93a792af878b545442498065ab272eaacf035
(there are many, many more... And this one is defenately not the biggest screw-up)

I guess it's the wallet's task to check if a fee isn't outrageous, but i have no idear which popular wallets actually do a quick feecheck before broadcasting a transaction

This is crazy, I just checked his address. He has more than $ 11 million in that address and he made a mistake with over $ 2 million for a small transaction. Surely he would have regretted letting this situation happen

I wish there were some sort of double-check triggered in case there was a clear disparity between the amount sending and fee for it when a transaction occurred. Sadly, such a simple function like that wasn't in the mind of developers and one mistake, one night of drunken could blow away millions of cryptocurrency worth.

It looks like he was putting the total amount that he will send it to another wallet into the fees column. I curious about what kind of wallet that already used by him as there was no limitation to put the fees or it looks like he was putting the fees manually.

Lol! If that's true, this person is going to be so pissed with him/her self, damn, how such a mistake can happen! That is way more than they bargain for, what type of wallet he uses that don't calculate gas costs, this huge mistake would have been avoided, this is one mistake nobody wants to make.

Doesn't look like this was an accident.

Looking through his transaction history he's used 60 gwei for every transaction, except this one.... That indicates the wallet was previously controlled by a smart contract or some automated service, but then this guy took over and manually cranked to gas price up to 500 million.

What's more likely is that he is working in cahoots with the mining pool to forcibly move money from one place to another, potentially converting illegitimate gains into legal proceeds (mining revenue). He'd then split the difference with the pool owner and get away with essentially laundering money.

This isn't the first time Sparkpool has received suspiciously high fee transactions before. And they often seem to agree to split it back with the sender.... Why would they do that when it's rightfully theirs to keep?

How comes "if that's true"? It's recorded onto the blockchain, just check the link in OP.


And I agree with OP:


I was thinking that maybe somebody was testing his own software or scripts, but I guess that nobody would do tests with wallets having millions of $ worth of coins.
So yeah, we badly need better and more user friendly wallets, including anti-dumb features. And imho we need this for Bitcoin too, not only Electrum.

I believe they will never make such a fundamental mistake. They may have a purpose, and we will never know. Hope someone can explain it in a logical and convincing way about this transaction

$2M for a fee. Could be the fat finger still carelessness. God I'm going to kill that someone on the other side who made me pay hastily.  It would have been avoided if there were security measures asking if the fees is right and should appear in USD.

Even MEW doesn't give warnings too. you only find out when its done and sometimes I can't even send unless I increase the gas fee. And this is when I use Myetherwallet on the browser, it gets messy in the transaction list because even the transactions with errors appear there.

Im sure this is no accident and have happened in the past. I think the sender that uses a lot of gas has a hidden agenda. Maybe he is a scammer or hacker that manage to steal some coins and his way is to move it by using gas fee ( probably some mining pool he affiliated just to received it in bulk) to be able to cash it with nonesuspicious approach.

This is a possibility. If you think about it, he insist of doing the transaction forcing 10k eth on the move. No services would just broadcast this transaction right away without much warning.

probably the sender address belongs to the service Token BulkSender (https://bulksender.app/) (0xd1917932a7db6af687b523d5db5d7f5c2734763f)

I do not know what is in the person's mind by paying that much fee, I also can not imagine how he is now, maybe he is currently under stress, even though in his wallet he still has a lot of money, but this is not the first time such an incident this, before there was already

The situation you mentioned was not the first time, such events had happened before.  According to the data I obtained as a result of my researches, these kinds of transactions are generally made for money smuggling.  Although I have not been able to confirm its accuracy, I think that these procedures have been done for this purpose.  I also think that such transactions are made from time to time to create a different perception or to attract attention.

This is one reason why it is always repeated to the ears of many that we must alwayys use respected crypto currency wallet to store and keep our assets.
Also, as users, we need to always stop adding transaction gweis by ourselves, the wallet gives you options to send out tokens, such as low, norma and high transaction fee.

Don't select anything beyond that.

Yes, there have been many cases like this in the past. They made a mistake and could not fix it, surely he was very depressed because it was really a huge amount of money

I can't start to imagine the kind of feeling that this person's will be going through right now, the fault might be the wallet, some wallet are that crazy, I made mistake like this once with samourai wallet years ago, be careful with wallets

It makes me feel my mistakes were simpler and my loss bearable after seeing this mistake. Certainly we need some function in every wallet to notify us when we are sending too low or too high fees. He might have thought the fees were the amount and the amount was the fees. I have been checking everything twice for quite a time now and that simple thing helps prevent such mistake by a large odds.

yes this case has happened and in my opinion this may be because the sender does not know how to do ethereum delivery which has a certain gas and maybe the sender did it deliberately because it has too much ethereum.  ;D

The person would have sleepless night from that time because this is nothing more than the unimaginable for everyone. It is obvious by mistake it would have happened but certainly there should be some check in place or in process that the wallet should be supporting it. Nobody would like to see or go through such pain for a very small mistake become the biggest issue.

I think that if it's a human error and this is not the first time there was a people who have been sending a small amount of crypto used million dollars as the fees. It looks like he was using a wallet that must be operated manually and this is purely a human error.

This is not the first time I'm seeing such a incident where people are including huge amount of transaction fees. If I remember correctly there were similar incidents which happened in bitcoin and dogecoin transactions as well.

The miner who is the super lucky may return the fees to sender if they do not want to hold that much easy money. If I were that miner definitely I will do that :P. Yes, believe me I am not that mush selfish nor greedy even I do always dreaming about such wrong transaction making me billionaire.

I just checked the sender address, it is still holding 45,482 ETH which is approximately 4x higher than that assumed wrong included fee. Not sure but this addy looks like belonging to some exchange or some whales. I wish it should be the addy of an ICO scammer :D.

Looks like a bug or an error in transaction imho. Or this transactions is simply displayed with an error.

The guy has done more than 6000 transactions, and not he miss-clicks and pays 1/4 of his deposit as a fee ? It does not even look like a miss-click. How can someone write such a number in "gwei windows" to get that kind of fee.

It's true mate, just check the txid.
I have a question guys and hopefully, someone can educate me on this. Are these miners can choose the transactions that they can confirm? if a pool sees that amount of fees, they'll be in a contest to get that fee, is that right? or it will be shared?
Like what others have noticed, it doesn't look like an accident. It's interesting to get some insights whoever did the transaction.

It is really unfortunate and sad to see these kind of mistakes and this is not the first time i am seeing these mistakes while sending the coins but this is by far the biggest mistake i have seen. Not sure what can be done to retrieve his coins, not sure whether the miners will do the logical outcome in a situation like these as the amount here is 10,668 ETH and it is suicide to mess the gas price and let go off his wealth because of a silly mistake.

No one would reverse the chain just for some thousand ETH sent mistakenly.
This is both the beauty and risk with the blockchain platforms that there's no correction once the transaction has been broadcasted. Though I too believe every wallet should integrate some feature to warn users when they are trying to make some out of the ordinary fees transactions.

Would be interesting to know if this sort of thing happens in real world in any society with proper governance/regulations, without businesses like exchanges, stores, banks, etc returning excess fees to the owners esp when they request for them.
Mistakes will always be made  (assuming that ^ was a mistake), and the excess fees "charged" remains the owner's money. It should be made possible to return such excesses to the owners in Crypto future.
And I wonder if there is no fee increase limits placed at the based level that adjust automatically or manually via decentralized consensus/governance to prevent similar mistakes in the future.

That is a huge fee. Gladly for him he have enough ETH left in his wallet.  ::)

I see the sender wallet has an ethereum number of more than 45343 Ethereum with an estimated value of $ 11,038,950.61 with the current rate, I think this wallet has an important influence in the cryptocurrency world, I don't know who owns this wallet but the assets in this wallet are very numerous and I feel not an ordinary person.

Well, that is the best way to make laundering money look legal.  Nice catch there pal.  I do think the same too.  Intentionally spiking the fee so that the "dirty" money looks like it was legitimately mined then split it with other members of the conspiracy.

This feature would save a lot of funds for those people.
I guess mass adoption will only happen when most wallets will think over most basic stuff like this

It’s funny to watch people make such stupid mistakes.

Of course this user is sorry, but he is to blame.

From Facebook and telegram social media. This matter is very lively discussed for today, the first time I saw that. like strange and surprised. Maybe this is my first time seeing a small transaction, but the costs are greater. was it on purpose or not?

So, can we all agree this could be well-intended and nothing looks like a mistake? No way anyone in control of that many ETH could make a simple mistake like that. But more important, how we could prove that and where is the money goes?

Still unusual why he would use this system.

Technically he could spend $100k or so to build a mining operation so that he could mine the block himself and confirm his own transaction.

But instead, he seems to have partnered with Sparkpool, which might try to take at least half of the money. Because of this, we can only assume that the person either works directly with SparkPool to somehow get away with the majority of the money, or that he is taking advantage of the way SparkPool distributes the rewards to users.

He could have simply used one of the many ethereum mixers out there or converted and mined it as Monero. Both options would have been far cheaper.

Something suspect is afoot.

most likely he was wrong in setting the GAS for ETH transactions. making a mistake in typing the numbers certainly affects the value of the fees we pay. but if it was intentional, maybe it was just something done by part of the ethereum development team.

Sparkpool is on the case and promising a solution. That's pretty decent of them i think.

https://i.imgur.com/SMEInko.png (https://twitter.com/sparkpool_eth/status/1270688700968480768)

I am betting that most of people would had taken the money and run when it's wouldn't be even illegal to do that.

Well.. you never know. What if the ERC-20 address in question was owned by an exchange or an ICO? In that case the users will suffer. Because the losses will be passed on to the end-users. And the problem with Ethereum is that even if the user request for a refund of the transaction fee, the process is extremely complicated (it is very complicated in case of Bitcoin as well, but there were incidents when it was made possible).

This is a very interesting theory about the situation and it could be true, however if this was really a mistake this could be very easily avoided if wallets added a very simple security measure, if for example you are sending twice as much money in fees than the money that you are sending in the transaction itself then a warning message should appear telling you if that is what you want to do, there are some cases in which this could be justified like when you are sending a very small amount of money to another person, but in almost any other case sending such high fee is obviously a mistake and the user will have an opportunity to realize his mistake and correct it.

Well kudos to them if they will return the amount that was input "accidentally" as tx fee.  As of the person who made that mistake, is he drunk or something (assuming that this is wholely a mistake ).  I hope someone will send a link of the transaction owner statement here.

I never thought, after seeing the history of transactions that cost $ 2 million and I think this is crazy. I can't imagine how upset the owner of this wallet is, is this purely the owner's fault or the ethereum block chain error?

If he is doing the same mistakes then there must be a reason behind this, possibly to launder the money in my opinion.

This is not the first time happening, we have seen these kind of things on many occasions in the past but as OP said if we have some kind of warning when we are using more fee than the required one can save people from losing their money.

Well, that's strange and I still don't buy the idea that the said transaction was done by mistake. It could be a form of money laundering and I think that transaction has to be thoroughly checked and accessed to see if this was done by mistake or some hackers trying to do some shady businesses. So far, SparkPool where the transaction emanated from has frozen the funds and investigation is underway.

We have seen this about a year ago and there is speculation that this is an example of money laundering. Because every Ethereum client will calculate automatically the lowest possible fees, so it is almost impossible to make a mistake in it.  :)

They are linking this transaction to Bithumb wallet and speculation are it could be an intentional transaction for tax fraud. Bithumb is still to reply. If it's originating from an exchange, I don't think individual users can adjust the transaction fees. It's good of the sparkpool to hold that transaction, when they absolutely don't need to and could mine and get the reward.

This obviously seems like a typing mistake or some confusion otherwise i do not think any sane person will uselessly pay millions for a small transaction, maybe the whale would be drunk at the time of transaction, whatever but people need to be serious about these things.
To counter such errors i think eth network should have a function of refund where they see that fee paid is unusually high.

There won't be any security measures because blockchain is immutable. But the wallet should be able to give the sender a maximum transaction fees. But when we think of it, it's the sender who chooses the fees they want to use so this sender knew pretty well what he/she was upto before sending it.

Maybe this is an evaluation for all of us. If you or someone sends a token or coin, never set Gwei manually. If you do the manual settings, then you must pay attention to them well. 1000000 Gwei is equivalent to 21 ETH. If someone has a balance of 21 ETH, then the balance will disappear.

Manual setting

https://i.imgur.com/luiFgPC.jpg

Result

https://i.imgur.com/Eh1pLLi.jpg

This is the sender's balance, of course a large amount of fees can be sent. If the balance is less than the total cost, an error notification will come out.

https://i.imgur.com/2srnCc2.jpg

I think this is not because of an insecure blockchain system, but due to user negligence. They once did the Gas setting, but forgot to return to the basic amount. This can happen for everyone. In this I think it really requires accuracy.

I remember reading an article about it in the morning. The fee was received by probably SparkPool (the name was something like that). To my surprise, they said they have face this kind of event previously and dealt with it. The fee hasn't been distributed among the miners yet. They are currently investing what has happened and how it happened.
So looks like they are going to do something about it.

Thank's for the information you provided. I often do Gas settings, so I spend a lot of balance. But not with an amount that is too high, because the balance is minimal. Not like what happened to the ref wallet above.

After reading the reddit chatter about this and people in here, i am starting to agree that this wasn't an accident:
https://www.reddit.com/r/CryptoCurrency/comments/h08slg/what_the_hell_is_this_why_would_someone_pay_25/

It's just more plausible theory then someone accidentally making an error this big with long transaction history. I am all for Occam's razor in this.

yeah, but this one was in 2013, so the 80 BTC was much, but not that much as this one today
i would say that it is user responsibility to check fees, but wallet should present at least a warning message that fee is too high for that transaction, guess that lucky ones do not have enough ETH to make mistake like this one, and why the hell someone is using wallet with that much ETH to send 0,55 ETH to anyone?

That is insane amount of fee paid, is this transaction made by an individual or is it coming from some exchange account, i do not think many have millions of worth of eth in their wallets to pay such fee, i think there should be a mechanism to claim refund for such transactions that were made out of mistake.

Blokchain has nothing to do with it. Someone has posted the correct reason why he was putting a lot of money into the tx fees as he forgot to change his setting to put the maximum gwei and the system was responding it.

Therefore be careful before making a transaction, because most people do not check before making a transaction. Such as wallet address,
number of coins, and transaction fees. These three things must be considered, because many people make mistakes in all three of these
things. The incident at the opening post is a lesson for all of us to be more careful in doing things.

As what you had explained, I think this is likely the situation here. It is intentionally done and not done by a mistake. If you are doing crypto transactions for a while, why can you make a mistake of allotting millions of dollars as transaction fee only? You usually check how much tx fee you want to spend in eth tx, so I don't think the user got it wrong. There's more story than this.

Can it be? Wow, personally I don't believe in the amount, but after checking itself, it is sure. how can you pay a fee of $2,6M for only $133 in ETH? Did he make some mistakes when sending it? Did he put the wrong number when setting its fee? Or it relates to the differences of using "," and "." in his mind? Does he probably guess that it is not M amount? Or it is only the mistake of the system? If he realized this, I don't know what he thought or regret. or he only made it under awareness?

Warning messages can be good advice for those who will make a transaction at a high cost. Although Ethereum wallet shows the transaction cost before making a transaction, you can check it below the receiver address. Who has huge money, don't care about the transaction cost then these things happen.

I think that before we wanna try to send a transaction there was a notification about how much we will send and the fees, The sender was not doing a double check to the his transaction before try to broadcast it into the network.

You can check etherscan and what happens is as you see it. not crazy or drunk. we will not know it was all intentional or not. but when he checked back he would regret using such a fee.

That's a huge mistake, like all of us here I also wonder what kind of wallet he is using for him not to notice that he is using a very huge fee for a very small amount, I hope the owner of that account posted here, so he can clear everything, why that happened, I am using MyCrypto.com desktop wallet and I can clearly see the fee that I'm going to use before sending.

Maybe. There are lots of intrigue happening now and so many have their opinion about this issue. Some say it is money laundering and typical style of getting away with crime. If you are drunk you can never be stupid enough to make such this mistake losing a 2.6million USD.

Probably bulk sender or any huge wallet that has a lot of options to change variety of gwei and set up for transaction.

True! I'm shocked right now when I read the thread title lol! I think it maybe a typo that he doesn't double check. However, it just so careless if you transfer something and don't double check the transaction before making it. I even do double-checking with my bank transferring lol!

These things happen if you're not in your self not paying attention to what`s in front of you or having too much alcohol that night a lot of reason but yes ETH wallet should have an early warning if you're putting too much gas on a single transaction.

I never thought that this thing happens, sending $2,6 million as gas fee. If i lost that amount of money i would been so depress. I could even buy my own house and car with that amount of money.

I was also wondering with it, he had many
transaction history how could he make mistake. We don't know what really happens, if it was human error or the block chain nevertheless it was a big amount of lost for that person.

Lol what is going on someone again paid $2,630,162 as a gas fee to transfer 350 ETH. I guess someone is really drunk or laundering money.

https://etherscan.io/tx/0xc215b9356db58ce05412439f49a842f8a3abe6c1792ff8f2c3ee425c3501023c

if its just an error why he need to do it again?

You can see above link that the address also paid another million fees for just 350 ETH transactions.

The address is active and use also to trade in many different  exchange  base on the transaction he receive from many different exchange ,I think something wrong is happening in that address.

That tx is from the same address like the tx in the OP. I don't know what he is thinking. I assume you will notice when you did it wrong the first time....  ::)

At first this sounded surreal. I didn't believe it, so I've ignored it. But you were right.
Since there's a second transaction with same "mistake", it has to be something fishy there, not an accident, as you said.

Looks it come from wrong code on third party apps and it automatically suggesting or using that fee? Well that was really bad if true, also maybe that contract was consuming big gas limit? Not really sure too but after reading forbes article above looks like it's another incident. Just hope there some clarification from that address owner.

yeah, now i am also thinking that owner maybe do not know that he is sending transaction, but who would have an interest to pay such large transaction fees?
it is simply not logical, so will wait for everything to clear out, if that would happen

I don't think this is a mistake of the sender. I think this is a test of Ethereum's fee that the team wants to perform. No one would transfer a few hundred dollars and accept such a large fee. Do not FUD when you are still not sure what is happening and what is the cause.

I like to hear the official announcement if the owner of the said address if this is intentional, or a grave error on his part, we can only speculate unless they or he comes out, I search here in this forum and it's not part of any bounty campaign, but this is one example that you need to double or triple when sending coins.

I don't think it is a misclick because it is a huge money. No one does such a terrible misclick, except when the person is totally drunk. Even if the person is totally drunk, I believe no one gets crazy and move funds when they are drunk. It is especially warning if they have so much money in their wallets.

The question is how fees on ETH network will be used after all. You made a point that it is a suspicious transaction (maybe well planned) to create FUDs, to do money laundering. The vital thing is if the sender has plan to get his fees back (with a deal to fee receiver, something like that), the person will not lose anything with that transaction.

Fat fingers  ;D ;D ;D Kidding aside though it is very unfortunate and ofcourse irreversible. This is the very reason why I always double check all the info prior to doing any transactions whether it is on Ethereum or any other blockchain.

A very good reminder for everyone to THINK BEFORE YOU CLICK!

these words are often times associated to social media posting but I think it is applicable to everything.

Why not? The guy could have had a mobile wallet app. All you need to do is to unlock your phone and you are ready for an adventure.

$10,668.73185 ETH fee means he had manually clicked "10668730000000" on the keyboard. I can believe he clicked 1066873, but these zeros. I guess his buttons just got stuck. Or he had put something on numpad and accidentally hit enter.

This is awful. Especially with knowing that the fund is non refundable. That's why one should use wallet address that shows charges of transactions before confirmation. One should also be calm and carefully check before confirming the transactions.

I think there is no accidental factor because I see when I want to make a delivery in a wallet for example myetherwallet that still uses gas settings to make transactions will not be like this and fully from the awareness of the wallet owner.

If this is the case then they succeeded already, especially after this second transaction there is no way that this is a mistake.

The only obvious reason which is coming to my mind is of course money laundering in the purest form.

https://i.imgur.com/vAgJq2Y.png
https://twitter.com/atvanguard/status/1270677416185192448

Anyways, it still can be a mistake even if unreal becaue both transactions are available for refund in both mining pools (Sparkpool and Ethermine), as we can read on Bithub.pl website.

https://bithub.pl/kryptowaluty/bitcoin/wieloryb-jak-ta-lala-13-mld-usd-w-btc-poplynelo-przez-siec/

Nice catch I'd say: it does make a lot of sense. Looking at the sender it looks like they have a pretty large balance and your idea fits in the game. Will monitor that address for educational purposes. That's the beauty of a blockchain.

I am just thinking about what that guy is doing after seeing this. I am also thinking that is that really a mistake or someone trying to do something intentionally. I do not think even a dumb can be that stupid that he or she will spend that much money as a fee. If that's a mistake is that possible to get refunded that money? Let's wait for any tweet from that guy.

I think DarkDays is correct. It's not a mistake, fat finger or any thing other than a form of money laundering. There's no dumb can use such a big fee by mistake and I can't see any way of it happening unintentionally too. They just made the ETH white money. Another form of mixing.

Yes, because if it is already like this it will be very difficult to recover, moreover the amount of funds is also very large, and indeed in terms of conducting transactions it is recommended to be more careful so that someone is not mistaken in making transactions.

2M$ almost just for a fee's? that's really insane and sounds ridiculous to others. I can't imagine the fee is more higher than the withdrawal amount, damn! this sounds really crazy man, this big mistakes is a big lesson as well to all of us here in this business industry in cryptocurrency. Therefore, we need to be more careful too.

Vitalik seems to think that this was an accident (https://twitter.com/VitalikButerin/status/1270720687322198026). But i guess he wants to think that because any other suspicious activity doesn't make eth look very good for the public eye.

I wonder what he thinks about that other accident that happened right after  (https://etherscan.io/tx/0xc215b9356db58ce05412439f49a842f8a3abe6c1792ff8f2c3ee425c3501023c)this from the same address.

first transaction 1 day 5 hrs ago (Jun-10-2020 09:47:04 AM + UTC) Transaction Fee: 10,668.73185 Ether ($ 2,568,177.13) (https://etherscan.io/tx/0xca8f8c315c8b6c48cee0675677b786d1babe726773829a588efa500b71cbdb65)
second transaction 11 hrs 18 mins ago (Jun-11-2020 03:30:12 AM + UTC) Transaction Fee: 10,668.73185 Ether ($ 2,570,097.50 (https://etherscan.io/tx/0xc215b9356db58ce05412439f49a842f8a3abe6c1792ff8f2c3ee425c3501023c)

I think there is something behind all this and it's impossible if it was done accidentally, because everyone won't make the same mistake twice.

Someone just paid a $ 2.6 million fee while sending only $ 133 in ETH

It's like a joke to me, certainly those who make the transaction are aware of what they want to do.

I suspect there was an error in writing transaction costs. there is no joke like that. unless the wallet is the property of the owner of Ethereum itself.

The only thing I can say about this thing is, at some point in our life we won't really get what we've wanted and the result is always not satisfying. like what happened to this man, We are sure that this is insane and a huge mistake. How can someone do that? Does he want to be a part of some dark history of Etherium? Whatever happens here, this transaction has shaken the whole crypto industry but things have already happened and we can't do something about it now. let's just move on and pray for the quick recovery of this poor hodler.

wow , that was shocking to read but i do not see why ethereum adoption will be further away , for sure it is a big mistake , but i think it is almost hard , to make such mistakes when you are dealing with transactions from that caliber , i check every transaction twice , and they are much smaller

This happens quite frequently and I believe there should be some sort of protection against this in the blockchain world. For example when you are sending money, it should have some sort of calculation like "you can't pay more fee's for transaction cost than the entire money you are sending". That way if you send 133 dollars worth of eth, the maximum you can pay will be 133 dollars worth of eth in fee's, it is still a ton of money but when you compare it to 2.6 million dollars it is not even remotely close. I think that way you would be capable of warning people of not doing something like that.

If the blockchain developers are capable of something like that, instead of a warning popping up on your screen, it should be more like incapability of doing it even if you want to, not sure how, like maybe return the money back? I don't know but it should be blocked somehow.

that's his mistake by putting a really huge gas fee while he was not doing double-check to his transaction again if that was consuming a lot of ethereum as the fees.  At least he is still having a lot of money on his wallet.
The old accident is not so bad like this case considers it's million dollars worth of money. he was using lambo to pay the fees.

I am also thinking that is that really a mistake. There are a number of potential reasons why this excessive fee might have occurred. Arguably the simplest and most likely reason is that this unfortunate individual intended to send $2.6 million in ETH with $130 worth of fees, but accidentally switched the two fields.

yeah, that's possible.
if i were in his position, maybe i would be half crazy and really would feel so sorry.
i hope the sender won't go crazy.

seeing this incident, i am increasingly very careful in doing anything with my wallet. i do not want to make mistakes like this, well even though the contents of my wallet is not as thick as hers. but whatever the value of the assets that i have, i don't want to suffer losses due to stupid mistakes.

Who ever did this is so stupid. I believe he wished he checked the network fee before he clicked the send button. May be he is so busy and doesnt care about the transaction fee because he has a lot of ETH on his wallet.

I don't know, but I think, when he did it, maybe he was drunk, because if this is a bug, I don't think it's possible, if not drunk, it might be intentional, considering that the misdirection of this fee occurred again after this incident with an almost similar amount of $ 2.5M.

Like pizza day (the one involving bitcoin) now we will start celebrating transaction day in which a guy paid $2.6M twice as a transaction fee to transfer .5 and 350 ETH.

Recently i had to pay around 16$ worth of transaction fees fro running some contract . While seeing that i am almost confused and frustrated about the platform i tried in all the possible way metamask and other ehtereum wallet finally ii decided to not to run smart contract it saved some of the money . Before doing transaction we shoul dcheck transaction fees . Metamask is better one in term of choosing transaction fees.

That's a lot of money, and I believe they will never be so confused. They have to check it many times before making a transaction, and I think they are intentionally creating this transaction. But I do not know their true purpose

wow,, just sent about 0.55 Ether with Transaction Fee: 10,668.73185 Ether this is really big mistakes ,
thats why people should double check their transactions before send it

Another example of huge transaction fees. I cant believe this was done by mistake or someone just miss-clicked. There might be something shady behind this or another way of fund laundering.

https://etherscan.io/tx/0xfd10c9a4507c4ebf1db9f71e05ba8ea09f3603c9012c24195d731a1fadfa14d9
https://etherscan.io/tx/0xdc7c6482e73e95a4e90c7cb5e0b6a5acb8d997bd53a064a0f19b2457f40910be

This has been repeated more than once, and no longer looks like an ordinary mistake. It seems to me that there is some benefit behind this and we should find out soon

That transaction may not sent from trusted wallets. Check the fee limit is one of basis functions of every popular wallets.

Yeah that is the thing about these transactions, we really don't know why anyone would do it knowingly and why this could be anything at all, we are trying to see a reason why anyone would do this to benefit themselves and we are having hard time finding it out. Fee is something that usually goes to miners, am I missing something there? Isn't it the miners who get the fee?

If that is the case, and if that person is willing to lose that much money to miners, that means in order to profit from this, he has to make sure that he gets it back (or anyone he knows that is a miner) and how can you be so sure about mining a certain block with that money in it? Or maybe there is some other blockchain feature that I am not aware of? I really have ZERO clue about what someone could gain from doing this, no idea.

Shipping costs are much more expensive than the amount of shipping? I have just seen this strange event. Is this a hacker attack? or BUG error? I can't imagine how this address owner feels, this is a big amount of money, hopefully things like this won't happen again.

WTF! :o Wait, is this a joke or what? When I saw the topic I thought the op was kidding. Damn, I’m really confused , like how did this kind of thing happen? How does someone pay up to $2 million plus for just to send hundred bucks? That’s insane. Is it that he or she didn’t see the fees before approving the transaction or they just did it on purpose?

I have used several wallets and when I’m making transaction there is this place where they will write the amount you’re paying for fees, just like Blockchain wallet and I always look at that before sending to know how much I’m paying. I just don’t understand what happened in this case, wish the person was here to explain why they did such. Bruh, $2 M can change my life! Lol ;D.

I do not believe this is a mistake from him/her. For sending 0.55 ETH, the transaction fee paid was 10K ETH. It seems to be some glitch to do money laundering. Even to transfer 0.01 ETH I always check how much minimum fees I can pay compromising duration. Of course, this seems to be done intentionally.

There are new 2 transactions, the one which is mined by Sparkpool and F2Pool so I guess the security for the block is low, there are some bugs that the miners are taking advantage of or there are person who is responsible for all of this which is a trusted one. I hope all of it would be fix as fast as possible.

There's no benefit paying millions of fee for a  few hundreds of transaction it's insane if you are going to try this, this has been the hottest topic this week and everybody are speculating, I hope it's not on the network or some kind of a bug, it will be a disaster if it is, I hope it's a mistake on the holder's part, I also want to know how did it happen, this is something for the record.

This is sad but reality mate because even it is  obligation to keep our transaction beyond our control but incident happens and there must be some security that will save us from losing too much money.

This event is very frustrating and may cause bad image to others using crypto currency specially about bitcoin.

well this Bugs must be in control and not doing any harm to crypto users.

He was no drunk but it looks like be forget if he was putting a very big gwei that the result will consume the same amount like what they have been sending to the another address. We must always aware about how much gwei that already applied in the wallet before try to send anything.

Update on the matter
Hackers blackmail exchange with $5 million of Ethereum fees: in the last days, three bizarre Ethereum transactions have spent $5.7 million on fees. But a report claims it’s not a bug—an exchange is being blackmailed.
https://decrypt.co/32145/hackers-blackmail-exchange-with-5-million-of-ethereum-fees-report

I have updated this link to the first post 2 days ago. However, this is just another theory, and while it's a good theory, it's still just speculation. We might never hear what has really happened behind the curtains unless the owner comes forward, and i find that unlikely.

But how can hackers get that money? As far as I know, the fees will be transferred to the miners. And if the truth is what you say, this is a very bad in this market

Did you read the article at all? According to this theory hackers are not getting the money, it's just blackmailing. Honestly i think that there's more into this and i can't see this theory itself affecting the market.

So how reliable you guys think PeckShield is? As of now, no one is sure whether this is a GasPrice ransomware attack. But I have to say, in case this theory is true, this is a very bizarre type of ransom attack. If the exchange doesn't heed to the threats, then the hackers won't gain anything. But at the same time the exchange may lose huge amounts.

The sender sure knew how to use or how it works because he/she has and ethereum wallet and there more than like $11mnl in his accounts with numbers of transactions. How come he/she would not know that kind of stuff. Probably he/she was wasn't aware where did he/she the numbers he/she was sending and that is the result.

It was very strange, but what I feared was that the hacker learned something from this case and succeeded in developing a peckshield to an even more horrifying ransome and they managed to get millions of dollars without having to waste a lot of gas fees.

The exchange has no name on one article I read so it could be the current exchange that we are trading, the name of the exchange should be mentioned so people will not think of any exchange, but this is a new way of hacking if hackers cannot send to their own address they just use all the funds in gas fee to whitelisted address, an amazing strategy, but unless the exchange is named and confirmed it we can only speculate.

I would assume that it is a medium-sized or even a small sized exchange. Because it happened to major exchanges such as Huobi or Binance, they would have already kicked the butt of the hacker. From this modus operandi, the hacker seems to be an immature guy. The exchange just needs to hire some professionals to identify this guy, and then they can take the necessary legal action.

Sherlock Holmes had his time already, didn't he? Your opinions are very funny to say the least.
Please, do not assume anything.  8)

At first I thought it was just mistakes but until the third transaction and same thing happened again, seems something strange. If the article is true that the hackers blackmail the exchange, why the hackers spend millions for the gas fee?, with that millions they can send it to their address, I don't know what's in their mind.

there is the latest news that the sender reportedly did make a mistake to set Gas, but I think that it is purely from the ethereum platform,
because I also feel that the Fee is too high

It totally another theory and it could be something framed by the article writers because the last time i checked Ethereum usually provided the name which an Ethereum address belong to but both the sent and recipient address shows no exchange name. Besides, a deep look on the transaction/sender wallet (https://ethplorer.io/address/0xcdd6a2b9dd3e386c8cd4a7ada5cab2f1c561182d#pageSize=25) and his holding is definitely not an exchange wallet.

There have been a lot of conspiracy theories regarding this transaction, but this one is not very believable. I have also set the gas price in MEW, and it is not very likely that such a price was set by mistake. I am 99.99% sure that the price was set intentionally. Anyway, in the coming days more details will become available and then we'll be able to confirm it.

maybe you were right maybe they intend it to gain attraction or to make them on the headlines . only its too pricey to pull such trick like this but we must not worry because its thier money anyway not ours and besides they say the wallet still have a huge balance left  . what he lost is like only a 2 percent of whats left ln his purse . this still gives a wake up call to us or to those that are always on a hurry or simply careless enough by not double checking the amounts and the fees before they send a crypto .

There are some that speculate this could be some kind of plan to somehow make that money legitimate, however there is now way this was error of the ethereum network, if anything this was a user mistake, however can you imagine how much this is going to sting in the future if this was a mistake? The price of ethereum now is of 225 if ETH reaches its all time high again then we are talking that this person would have paid close to 16 million dollars just in fees!

I think there are a variety of possibilities that can occur, one of which is the possibility to do money laundering with a new method and the possibility of also doing the transaction because it really wants to be famous, but I think that possibility is a deliberate factor because when wanting to send cryptocurrency assets there must be confirmation first to withdraw funds to another wallet.

I have received a lot of criticism for my previous posts on this subject. But I would stick to my assumptions. The theory that the individual was trying to benefit by setting the gas fee to a very high level is laughable. Any potential benefits to him may be minuscule compared to the amount he wasted. I am once again repeating this: this was done by a hacker, and not by the real owner of those coins. No one would spend hard earned coins in such a reckless way (unless he is having some mental issue such as suicidal tendency). And there is no chance that the gas fee was set to such a level as a result of the mistake. All of this points to the exchange blackmail theory.

What is the point of blackmailing with the fees? I mean you can't really get the money yourself and if you keep this up how are they going to pay you as well? It is a method for sure but it is not really a great method, it is just a bad one. They probably had no other way to extort money from the exchanges so they did this one as last hope.

I am pretty sure exchanges would rather spend millions of dollars on improving and even stopping all action and getting all the blowback from this over paying up. How could they hope that exchanges will not do anything about it? What would be the end result of that? I am sure they will fix whatever the problem was and whatever allowed hackers to do this and move on with their life and since they make so much money as exchanges they will just cover the loss from their income.

Yeah, that was a strange theory, and ZenGo research is trying to debunk that. But what i find strange is that no one was coming out claiming that it would be their eth. Some sort of coin washing is starting to be more probable.

https://decrypt.co/32570/crypto-researcher-rebuts-ethereum-fee-blackmail-theory

Here is an update to this story: A South Korean ponzi is claiming that they were hacked so the blackmailing theory seems to be the correct one.

Read this : https://www.theblockcrypto.com/linked/68593/the-sender-of-5-million-ethereum-transaction-fees-has-revealed-itself

According to link above they were late in claiming the first one, so the mining pool already distributed that to its miners while they contacted Sparkpool just in time before deadline. Still million worth of fees distributed amongst miners.  :o That must have made their day.

As it seems to be money from a ponzi site anyway i don't mind so much. I wonder why they didn't have time to claim it. If it would be my money, i would follow every story about it that i could find. Maybe it was because of the language barrier.

This was a case of money laundry. Some claims that it's a means of laundering the PlusToken scam funds. Wallets has maximum cost per transaction this se der outrightly inputed the amount to be sent as fees and rebroadcast it to own or friend pool for mining. I'm glad the crypto community was watching this event unfold.