While low transaction fees in the cryptocurrency world are generally more attractive than traditional financial systems, in some cases, high costs can arise due to congestion. An interesting example of this situation occurred recently, costing $90,000.

A user named DeFiac shared a notable incident on August 11. According to Etherscan data, an unidentified crypto user accidentally spent $90,000 in gas fees when he should have paid just $2,262 in fees of 0.87 ETH for an Ethereum transfer of $89,200. At the time, gas fees on the Ethereum network ranged from 2 to 4 gwei, meaning the transfer would normally cost at most $5. In total, the user overpaid by 1,783,900%. Such erroneous transactions are not uncommon in the crypto world.

For example, on October 10, 2023, an NFT investor mistakenly paid 1,055 ETH, or $1.6 million, for a $1,000 NFT. The fraudulent transactions aren’t limited to individual investors. In 2021, Singapore-based crypto exchange Cryptocom mistakenly sent $7 million to an Australian user. The user used the money to buy a mansion in Melbourne without reporting it and send about $4 million to an offshore bank account. In this case, he was sentenced to 209 days in prison for “dealing in the proceeds of crime.”

Current Status of Ethereum:$ETH

In the cryptocurrency market, especially major players like Bitcoin have experienced serious declines. Ethereum has also lost 4% in value in the last 24 hours, falling to $2,550. However, staying above $2,500 gives investors some confidence. Ethereum's market value has fallen to $306 billion, but continues to hover above $300 billion. In addition, trading volume increased by 66% to $14.8 billion.

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So who can benefit?

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I EXPLAIN IN DETAILED.

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WHEN WILL THE REWARD COME?

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You can share this post with your friends in need so that they can also benefit from it.

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