Can Someone Explain This Transaction?

[NapHappy]

I was browsing recent transactions and came across this one from a few hours ago. It caught my eye since it was 82,273 sat/vB, i.e., $24,663 

The high rate was not the only thing, it seemed to have had the fee bumped 6 times in about 5 minutes, it had started at about a 24,181 sat/vB, quite a bit lower but still much higher than necessary. 

But it gets weirder, it is sending about .91 bitcoin from 2 addresses and sending to the SAME addresses. 

Is there any logic to what was happening?

https://mempool.space/tx/55656790f55216e6a6d8b03d041499c24de3105473c59c67e5dafe0362d0e9e9

[1715435227]

1715435227

[1715435227]

1715435227

[1715435227]

1715435227

[1715435227]

1715435227

[1715435227]

1715435227

[1715435227]

1715435227

[decodx]

Is there any logic to what was happening?

I don't see much logic in such a transaction, except maybe someone's software is malfunctioning. It wouldn't be the first time.  Or maybe it's just a simple human error...

[NapHappy]

The plot thickens...

The wallet seems to be sending dust to itself lately, several payments of  - 0.00000600 BTC.

https://mempool.space/tx/72f8d1789c8c8662907679a96dcfdbe640155502ec4b95ac3c5feeaa7a9e8432

Maybe this is something to do with ordinals?

Is there any logic to what was happening?

I don't see much logic in such a transaction, except maybe someone's software is malfunctioning. It wouldn't be the first time.  Or maybe it's just a simple human error...

Nor I, but along with the other weird transactions at that address, it seems intentional.

[tbct_mt2]

It is a CoinJoin transaction.
https://platform.arkhamintelligence.com/explorer/tx/55656790f55216e6a6d8b03d041499c24de3105473c59c67e5dafe0362d0e9e9

The fee is overpaid 2351x and total transaction fee for that transaction is 0.33958099 BTC  ~ 23,421 USD.

I don't know it is a malfunction of a wallet software but it is a good assumption as paying such expensive overpaid fee is very abnormal.

You can check more transactions from two input addresses.
https://platform.arkhamintelligence.com/explorer/address/bc1pwjy9g4762fjg8sznwl4vlfcpnrvyet6nymvapry3223wwh45e2gsn8wkgp
https://platform.arkhamintelligence.com/explorer/address/bc1pj2qsqm49nk022hg0cs723r9y7fgar56cwts75cfnf73hc0qwdx3s306jwj

[jrrsparkles]

I was browsing recent transactions and came across this one from a few hours ago. It caught my eye since it was 82,273 sat/vB, i.e., $24,663 

The high rate was not the only thing, it seemed to have had the fee bumped 6 times in about 5 minutes, it had started at about a 24,181 sat/vB, quite a bit lower but still much higher than necessary. 

But it gets weirder, it is sending about .91 bitcoin from 2 addresses and sending to the SAME addresses. 

Is there any logic to what was happening?

https://mempool.space/tx/55656790f55216e6a6d8b03d041499c24de3105473c59c67e5dafe0362d0e9e9

There is no logical reasoning for this instance but this isn't new, in the past there are much worse incidents like users paid 100 BTC as fee for moving 1 BTC but those are legitimate mistakes while this TX doesn't look like happened due to mistake cause I see there is another similar TX made after using high fee and spent to the same address.

[goldkingcoiner]

I was browsing recent transactions and came across this one from a few hours ago. It caught my eye since it was 82,273 sat/vB, i.e., $24,663 

The high rate was not the only thing, it seemed to have had the fee bumped 6 times in about 5 minutes, it had started at about a 24,181 sat/vB, quite a bit lower but still much higher than necessary. 

But it gets weirder, it is sending about .91 bitcoin from 2 addresses and sending to the SAME addresses. 

Is there any logic to what was happening?

https://mempool.space/tx/55656790f55216e6a6d8b03d041499c24de3105473c59c67e5dafe0362d0e9e9

Looks like somebody developed a crappy wallet which is malfunctioning for whatever reason. Whoever that wallet may belong to, I think they might not be aware of what is happening.

Thats the best hypothesis I can think of.

[Fivestar4everMVP]

Well, nothing logical here, people make such mistakes from time to time, either as a result of natural human error, or as a result of faulty or buggy wallet software.

I did scan the transaction hash as provided by the op, and did found out that even the fee was recognized by mempool as an overpaid with an increase of x2420 as shown in the screenshot below.



That's a crazy amount to lose in a fee, but since mempool recognized this error, I wondering if it's possible that the miner or the pool that confirmed that transaction can return some of that fee back to the wallet it originated from, would be nice if possible.

[hugeblack]

That's a crazy amount to lose in a fee, but since mempool recognized this error, I wondering if it's possible that the miner or the pool that confirmed that transaction can return some of that fee back to the wallet it originated from, would be nice if possible.

these pools refund part of many similar transactions, and therefore I do not think that there will be a problem if you contact them and inform them of the problem with the fees, but I think that they first need to repair the software that caused such an error, and in most cases, they will take a commission from the refund.