Is This a $2.5 Million Dollar Mistake or Something Else?
Earlier today an unlucky Ethereum holder paid a whopping 10,668 ETH or $2.5 million dollar transaction fee for a small $133 transfer. This is possibly the highest transaction fee ever in the world of cryptocurrencies. The majority of Ethereum transfers usually equate to roughly a few cents in their dollar equivalent.
This was originally discovered by crypto wallet ZenGo's research team.
Tal Be'ery, ZenGo's Co-Founder posted his speculation regarding the bizarre transaction on Twitter. In it he guessed that the user sending the transaction confused "value" or "gas price" with "fee". If Be'ry is correct, it could make it one of the most expensive mistakes in the world of cryptocurrencies recently.
While the user that made the transfer is unknown, it appears that they originally purchased the Ethereum from Spark Pool an Ethereum mining pool.
Enormous fees for transactions tend to be user mistakes and there have been a handful of cases that have occurred over the years. This includes a user who accidentally paid 2.5 BTC fee for a Bitcoin transaction back in 2017 but luckily got refunded. Another includes a different Bitcoin transaction in 2017 which had a 50 BTC fee. The previous highest fee paid for a single transaction in today's rate might have been back in 2013 when a user paid 111 BTC as fees which equates to roughly over $1 million dollars.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado