User Loses $700,000 in Microtransaction
It was a sunny morning in the world of Ethereum when newly minted cryptocurrency millionaire Thomas Meier decided to buy a coffee in midtown Manhattan. With a glint of wealth in his eyes, he opened his digital wallet and made a simple microtransaction on the Ether network, not imagining the cost it would entail. When he received confirmation of the transaction, he was perplexed: the fee was an incredible $700,000. What seemed like an ordinary purchase ended up with a harsh lesson on the pitfalls of the Ethereum blockchain.
Something similar to what happened in this fictional story happened with an Ethereum user who, in fact, lost $700,000 in a microtransaction, according to data revealed by Lookonchain. While this is an extremely rare case, it serves as a warning: the Ethereum network can, in certain transactions, apply fees that are beyond any control, without any prior warning.
While some users are concerned about the current fee structures, the Spanish banking giant (BME: BBVA) is going a step further by integrating Visaâs (NYSE: V) smart contract platform, based on Ethereum.
Since 2019, BBVA has been heavily involved in blockchain technology and its implications for the financial sector. In collaboration with Spanish insurance company Mapfre, BBVA used smart contracts to structure the first green bond. This was the beginning of a journey that led the bank to explore the world of tokenized assets and smart contracts.
source: Investing.com
