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Author Topic: Someone just paid 8 BTC in fees.  (Read 809 times)
NotATether (OP)
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December 20, 2024, 06:04:00 AM
Merited by vapourminer (1), nutildah (1), ABCbits (1), Cricktor (1)
 #1

Here is the transaction: https://blockchair.com/bitcoin/transaction/5348f76fab409ed50917e4633d1e66775feb3359448ff4e6b95bf4d81566097e

Bitcoin Twitter is talking about this a lot.

I guess this must have been some sort of accident, but how do you set the fee to be 8 BTC and then not double-check the transaction to make sure that all of the details is correct.

The fee rate is quite small too - 4 sats/byte currently is the average, or $0.54 according to Bitcoin prices now.

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December 20, 2024, 06:09:16 AM
 #2

Bummer. It might just be a case of someone crafting their transactions manually without realizing the total input value and factoring in the fact that anything that is unspent is considered as fees. At times, mining pools are willing to send the fees back if they're kind enough and the pool's miners are willing to cooperate. Hope that this is the case.

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December 20, 2024, 06:11:01 AM
 #3

The block was mined by Foundry USA pool.
https://blockchair.com/bitcoin/block/875475

Historically Foundry USA mining pool did not refund transaction fee, but there is a good precedentive case, from AntPool.
Bitcoin Miner AntPool to Refund Record $3M BTC Transaction Fee. This user can hope that by massive noise on media, Foundry USA pool will refund it to him.

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I guess this must have been some sort of accident, but how do you set the fee to be 8 BTC and then not double-check the transaction to make sure that all of the details is correct.
Many Bitcoin wallet softwares after many accidents from users like this, nowadays have their warning information for users, like you are paying % more than current fee.

It's very carelessly on how they did not check details of their transaction and even more carelessly by ignore the given warning.

 
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December 20, 2024, 06:21:25 AM
 #4

Here is the transaction: https://blockchair.com/bitcoin/transaction/5348f76fab409ed50917e4633d1e66775feb3359448ff4e6b95bf4d81566097e

Bitcoin Twitter is talking about this a lot.

I guess this must have been some sort of accident, but how do you set the fee to be 8 BTC and then not double-check the transaction to make sure that all of the details is correct.

The fee rate is quite small too - 4 sats/byte currently is the average, or $0.54 according to Bitcoin prices now.
What??? Is this a joke or what.
This is one thing I like about electrum wallet, before it will allows proceed with your payment you received warning about the fee you are using, and if it's too low it will also warn you that your fee is extremely low that you can't be able to bump fee later.

But wait a moment, is this a kind of being haste to perform transaction or maybe the owner was drunk? Because I believe there are two things involved.

Is either;
Feeling drowsy
Or the person is drunk.

$800,000 gone just like that??

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December 20, 2024, 06:33:23 AM
 #5

Here is the transaction: https://blockchair.com/bitcoin/transaction/5348f76fab409ed50917e4633d1e66775feb3359448ff4e6b95bf4d81566097e

Bitcoin Twitter is talking about this a lot.

I guess this must have been some sort of accident, but how do you set the fee to be 8 BTC and then not double-check the transaction to make sure that all of the details is correct.

The fee rate is quite small too - 4 sats/byte currently is the average, or $0.54 according to Bitcoin prices now.

Sad, the sender must have mistakenly input 8BTC instead of 8 sats or even less considering the current Bitcoin sending for that amount, an incident like this happens alot but haven't seen any that is as much as this amount in recent time.

Hopefully, Fundry USA refund the excess fees back because this is a clear case of input errors, and it should be rectified if the mining pool chooses to be considerate enough this time.

I know the sender won't let the 8BTC slide away just like that without a Chase so the noise about this incident is expected on social media.

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December 20, 2024, 06:37:49 AM
 #6

Wow! It really seems like this might be an accident or possibly a case of misconfigured software. Maybe the wallet they were using didn’t have a fee estimation feature as clear as it should be. That’s why it’s so important to double-check before pressing the submit or confirmation button. I wonder if this was a manual error or an automated process that went wrong? This is such a huge red flag for wallet UX improvements. Hopefully the miners involved can reach out and work on returning the funds, it has happened before in similar situations.
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December 20, 2024, 06:55:15 AM
 #7

It seems like a big oversight especially when the average fee rate is so low right now. I can't imagine how frustrating it must be for the sender to realize this mistake after it's already confirmed.

It's a good reminder of how important it is to double check everything before hitting send especially with bitcoin since transactions can't be undone.

It also makes me think that the wallet software could do more to help users avoid this kind of error, like adding clearer warnings when the fee is unusually high compared to the network average.

Mistakes like these really show how careful we need to be when handling crypto.
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December 20, 2024, 07:00:31 AM
 #8

Wow! It really seems like this might be an accident or possibly a case of misconfigured software. Maybe the wallet they were using didn’t have a fee estimation feature as clear as it should be. That’s why it’s so important to double-check before pressing the submit or confirmation button. I wonder if this was a manual error or an automated process that went wrong? This is such a huge red flag for wallet UX improvements. Hopefully the miners involved can reach out and work on returning the funds, it has happened before in similar situations.

As was said previously, this may be the case, but the pool we are talking about usually does not do such things.
This said, I agree with you - I would blame it on the manual error and human nature either way. If it was done in auto mode, it's very strange there was no check for the funds needed for the fees and if they are too big or not.
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December 20, 2024, 07:06:57 AM
Merited by ABCbits (1)
 #9

Whenever I see cases like this the first thing that comes to my mind is money laundering. Tongue

But if this is indeed an accident I would like to know what tool was the sender using that never showed any kind of error or a big warning that says the fee is outrageously high or prevented the tx from being signed or broadcast. Usually "good" wallets have such warnings.

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December 20, 2024, 07:09:15 AM
Merited by BlackHatCoiner (4), ABCbits (1)
 #10

Whenever I see cases like this the first thing that comes to my mind is money laundering. Tongue

You wouldn't be the only one thinking that. Some people on X speculate that too, but it would be a very dumb form of money laundering because everyone can see which mining pool it went to, which address sent it - assuming it wasn't a coinjoin - and if the pool eventually cashes out, which exchange the bitcoins end up going to.

None of that requires a ton of blockchain analysis.

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December 20, 2024, 07:40:58 AM
 #11

Whenever I see cases like this the first thing that comes to my mind is money laundering. Tongue

You wouldn't be the only one thinking that. Some people on X speculate that too, but it would be a very dumb form of money laundering because everyone can see which mining pool it went to, which address sent it - assuming it wasn't a coinjoin - and if the pool eventually cashes out, which exchange the bitcoins end up going to.

None of that requires a ton of blockchain analysis.

Never thought of that, but clearly, tbct_mt2 already presented the data and that the pool - may - return these funds back.
Albeit if they don't, the theory about the laundry stuff would be a bit closer.

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December 20, 2024, 07:45:29 AM
 #12

This is such a huge red flag for wallet UX improvements.
Other than the fact that most good wallets have good UX as mentioned above, I also think that you can only do so much to improve UX. If someone ignores a notification or doesn't verify their inputs for whatever reason you can't really help them. I don't track cases like this actively but I'm sure this is the second time I read a case like this in the past year or so. The number is too small to conclude that most wallets need to improve their UX significantly. CMIIW.

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December 20, 2024, 07:52:52 AM
 #13

The user who lost 8 BTC was using Ledger wallet connected to Asgardex. It is not yet known how it happened but Asgardex is trying to make it seem like it’s Ledger’s fault.
https://x.com/asgardex/status/1869936302365524273

Kevin Zhang from Foundry has already stated that they are “aware and working on it”.
https://x.com/SinoCrypto/status/1869940707118534770

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December 20, 2024, 08:11:24 AM
 #14

The user who lost 8 BTC was using Ledger wallet connected to Asgardex. It is not yet known how it happened but Asgardex is trying to make it seem like it’s Ledger’s fault.
https://x.com/asgardex/status/1869936302365524273

Kevin Zhang from Foundry has already stated that they are “aware and working on it”.
https://x.com/SinoCrypto/status/1869940707118534770

Great to see that they are already aware of such a thing happening.
Hopefully, they would keep it up and get the situation resolved / explained at best.
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December 20, 2024, 09:13:15 AM
 #15

Whenever I see cases like this the first thing that comes to my mind is money laundering. Tongue

You wouldn't be the only one thinking that. Some people on X speculate that too, but it would be a very dumb form of money laundering because everyone can see which mining pool it went to, which address sent it - assuming it wasn't a coinjoin - and if the pool eventually cashes out, which exchange the bitcoins end up going to.

None of that requires a ton of blockchain analysis.
That's if government choose to look into it, apart from that nobody will care if it was money laundering because majority will assume it was a mistake, and the mining pool does not care about refunding it back. Because we know that it's the choice of the mining pool to refund such funds or not. It may also be that the person in question wants to gain attention by throwing away 8btc. A lot of crazy things happen these days. It isn't compulsory for the bitcoin to be sent to an exchange, it can be sent to a noncustodial wallet.

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Outhue
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December 20, 2024, 09:22:21 AM
 #16

Ooouucchh!! Angry

That's going to hurt a lot, haven't something like this happened before in the past where the pool refund the wallet? I am just saying I am not sure.

The miners will feel good for solving that block, I hope something can be done about this, this must be a big mistake 8Bitcoin is a lot of money, damn.

I feel sorry for this person.

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abdullahsoliman
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December 20, 2024, 10:14:33 AM
 #17

The transaction is very critical "Same address in inputs: There are multiple occurrences of the same address in inputs
Descending input timestamps: For transaction with more than 5 inputs — they are ordered by age — that may be due to some specific software usage
Address reuse: The sender uses the same address for receiving and for changing"

as we see "Amount transferred
8.32504844 BTC
  · 839,564 USD
Size
1,335
Coindays destroyed
231
Weight
2,763
Virtual size
691 vB
Coinbase transaction
No
Witness data
Yes
RBF enabled
No
Lock time
0
Version
2
Fee
8.18293968 BTC
· 825,233 USD
612,954.3 sat/B
1,184,645.6 sat/vB"
and this SegWit, this looks like hell for me  Cry
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December 20, 2024, 11:58:56 AM
Last edit: December 21, 2024, 07:07:04 AM by franky1
 #18

they had an input(first utxo) of 0.14213292(amongst others but ill get to those)
they set a 0.1btc to go to a destination which i feel was there intended amount they wanted to spend
and change output of 0.04210876

meaning they only intended to have a fee of 2416sat(if spending just 1 utxo which seemed logical)

so it looks like they only wanted to spend one utxo due to the change being so similar to the first utxo remainder after a fair fee...

however it appears they* added in all other other utxos held by the wallet and thus by only dedicating 0.14210876 as output spend amounts, it treated all other utxo's as extra fee

*their badly used wallet

i feel they just wanted to use a $14k utxo to spend $10k, return $4k to the same address as the utxo.. and then only wanting to spend $2.25 in fee.. but their mistake cost them >$800,000

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both researched opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
fikrett
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December 20, 2024, 12:20:28 PM
 #19

Ooouucchh!! Angry

That's going to hurt a lot, haven't something like this happened before in the past where the pool refund the wallet? I am just saying I am not sure.

The miners will feel good for solving that block, I hope something can be done about this, this must be a big mistake 8Bitcoin is a lot of money, damn.

I feel sorry for this person.

Yep, it was done previously - however, it all depends on the pool and the mood and so much more  Wink
They already are investigating the event, as the X goes.
It was posted previously in that thread too.

avikz
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December 20, 2024, 12:50:09 PM
 #20

Here is the transaction: https://blockchair.com/bitcoin/transaction/5348f76fab409ed50917e4633d1e66775feb3359448ff4e6b95bf4d81566097e

Bitcoin Twitter is talking about this a lot.

I guess this must have been some sort of accident, but how do you set the fee to be 8 BTC and then not double-check the transaction to make sure that all of the details is correct.

The fee rate is quite small too - 4 sats/byte currently is the average, or $0.54 according to Bitcoin prices now.

It is indeed an accident! Because the network fees is around 7 Sat/vB so the network would ask for such high fees. I am sure the user has made a typo error while entering the fees amount and clicked to send. This is really sad! If it was me, I would have had heart attack immediately. Because if I have 8 Bitcoins right now, I can take immediate retirement from my work life and can go back to pursuing my hobbies. I really feel bad for the person who has wasted so much money for nothing.

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