Somebody paid $2.6M as transaction fee to transfer $130 worth of ETH

transaction fee

The Ethereum blockchain just saw somebody move 130 dollars worth of Ethereum for a transaction fee of 2.5 million dollars.

In a recent transaction, somebody paid 10,668 ETH as fee for a transaction of 0.55 ETH. This is not the first time somebody has paid an insane amount as transaction fee to move a small sum of a digital asset.

An insane transaction fee for small transfer

According to blockchain explorer Etherscan, a few hours ago a trader moved 0.55 ETH to an unknown address. the transaction would have been a simple move if it wasn’t for the massive transaction fee paid for it.

The user paid over 10,668 ETH as transaction fee for the small transfer. The sum is worth around 2.6 million dollars ($2,596,377) at the current trading price

Who made the transaction?

The address that made the transaction holds more than 46,000 ETH currently, a sum that is worth around 11.2 million dollars. The address might belong to a crypto exchange platform as suggested by its transfer history that shows an incredibly high frequency of transfers to and from the address.

What will happen to the 10,668 ETH?

The transaction was included in block 10237208 on the blockchain. The block was mined by ETH mining pool SparkPool.

SparkPool took it to Twitter to reveal that the pool is investigating the incident. SparkPool stated that the team has experience of dealing with such issues in the past as well. The pool ensured that “there will be a solution in the end.”

Previous similar cases

Previously, a transaction worth nearly 0 dollars was made with a transaction fee of 80,000 dollars. The transaction moved 0.00000001 dollars worth of Syntethics Network Token (SNX) on the Ethereum blockchain for a fee of 656 ETH.

The transaction was made by crypto exchange CoinOne as mistake due to changes made in its eternal system. The exchange ensured that it has updated its protocols to avoid making the same mistake again.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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