đ¸ User Pays $90K in Fees for a $2K ETH Transfer
A Pricey Error? đ§
According to data from Etherscan, the user paid $89,200 in fees to transfer a mere 0.87 ETH, worth approximately $2,262 at current prices. With Ethereum network fees currently at yearly lows, hovering between 2 and 4 gwei, this transaction should have cost no more than $5. Instead, the user overpaid by an astonishing 1,783,900%.
Fat-finger errors, where someone accidentally inputs the wrong numbers, are not unheard of in the crypto world. Just last year, an NFT trader paid 1,055 ETH (about $1.6 million at the time) for an NFT that was only worth $1,000. Similar mistakes have happened before, leaving many wondering if this latest incident was just another unfortunate slip-up.
Or Something More? đ
However, some speculate that this transaction could have been more than just a mistake. It might have been a sophisticated form of money laundering. For this to be the case, the user would need to know exactly which Ethereum validator would process the transaction and ensure it was included in the correct block. This would require close coordination with the validator to ensure the funds didn't end up in the wrong hands.
Not Just Retail Errors đ¨
Even large institutions have fallen prey to costly errors. In May 2021, Singapore-based exchange Crypto.com mistakenly sent $7 million to an Australian user, who then used the funds to buy a mansion and send money overseas. She was later sentenced to 209 days in jail for "dealing in the proceeds of crime."
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