Someone just paid $2,6M in fees while sending just $133 in ETH

[ije07]

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?

[jrrsparkles]

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

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.

[ZincUnrated]

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.

[timmmers]

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. 

[covfefe_]

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.

[qazgroup]

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 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.

[Mianae]

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.

[Moeda]

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.

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



Result



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.

[Moeda]

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.

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.

[adzino]

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.

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.

[Coin BTC]

~snip

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.

[cryptoperkele]

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.

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.

[casperBGD]

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

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?

[kindbtc]

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.

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.

[marks1976]

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.

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.

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.

[MCobian]

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.

[CaVO32]

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?

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.

[kawetsriyanto]

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?

[oscarftw]

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.

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.

[makishart]

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.

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.