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Author Topic: Someone just paid $2,6M in fees while sending just $133 in ETH  (Read 1198 times)
cryptoperkele
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June 10, 2020, 12:04:48 PM
Last edit: June 18, 2020, 06:43:05 AM by cryptoperkele
Merited by nutildah (1)
 #1

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 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

Edit: 17.6.2020
Eth is now distributed to the mining pool contributors as it has been unclaimed
Crypto researcher rebuts $5 million Ethereum fee 'blackmail theory'

Edit: 18.6.2020
Ponzi scheme called Good Cycle owns the addresses where the money was send from

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June 10, 2020, 12:09:08 PM
Merited by so98nn (1), Little Mouse (1)
 #2

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.

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

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June 10, 2020, 12:12:53 PM
 #3

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.
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

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June 10, 2020, 12:34:26 PM
 #4

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.

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June 10, 2020, 12:35:17 PM
 #5

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.

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June 10, 2020, 12:40:49 PM
 #6

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.

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June 10, 2020, 12:50:22 PM
Merited by suchmoon (7), serjent05 (2), NeuroticFish (1), cryptoperkele (1)
 #7

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?

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June 10, 2020, 12:53:25 PM
Last edit: June 10, 2020, 01:04:31 PM by NeuroticFish
 #8

Lol! If that's true,

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


And I agree with OP:

but how an earth there's no security measures for this kind of thing?

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.

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June 10, 2020, 12:54:17 PM
 #9

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

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June 10, 2020, 12:56:45 PM
 #10

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.

$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.

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June 10, 2020, 01:01:52 PM
 #11

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.

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 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.
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June 10, 2020, 01:02:20 PM
 #12

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.

probably the sender address belongs to the service Token BulkSender (0xd1917932a7db6af687b523d5db5d7f5c2734763f)



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June 10, 2020, 01:33:12 PM
 #13

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

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June 10, 2020, 01:35:21 PM
 #14

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.

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June 10, 2020, 01:38:41 PM
 #15

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.

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.
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June 10, 2020, 01:40:02 PM
 #16

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
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
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June 10, 2020, 01:53:58 PM
 #17

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

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June 10, 2020, 01:56:32 PM
 #18

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
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

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.

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June 10, 2020, 01:57:17 PM
 #19

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.  Grin

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June 10, 2020, 01:58:39 PM
 #20

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

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.

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