Ethereum user accidentally raised the transaction fee to $9,400 when sending a transaction on the network
An Ethereum user named “ProudBitcoiner” accidentally spent more than $ 9,400 on transaction fees to deposit $ 120. This is an extremely expensive fee, 80 times higher than the normal value when they swap on the DeFi Uniswap liquidity protocol. At the moment, this user is urging miners to return the money with a very sincere attitude …
Ethereum users had to pay a fee of more than $ 9,400 for a $ 120 DeFi transaction
According to ProudBitcoiner account, about 14 hours ago, the address “0xe6e2e0cf5d2686d73abd7d3ba24f46ad5eb31819” swapped 0.2955 Wrapped Ether (WETH) to get 531 gas token (CHI) expenditure (valued at $ 120) on Uniswap. At that time, transaction fees went up to $ 9,4172 – about 23 ETH. Transaction fees are paid for with “Gas” and numbered with “Gwei,” a system that might be unfamiliar and difficult to use.
Significantly higher transaction fees than payments | Source: Etherscan
Trading is done through MetaMask, while users are using the Uniswap exchange to swap tokens:
“Metamask didn’t populate the “Gas Limit” field with the correct amount in my previous transaction and that transaction failed, so I decided to change it manually in the next transaction (this one), but instead of typing 200000 in “Gas Limit” input field, I wrote it on the “Gas Price” input field, so I paid 200000 Gwei for this transaction and destroyed my life.”
Transferring money on the Ethereum network requires you to enter a Gas fee before any transaction. These funds are then paid out to miners who run computers with powerful algorithms to keep the network running.
Meanwhile, users are currently trying to get back some of the lost fees:
“I contacted Ethermine on Twitter, I contacted their CEO Peter Pratscher on Twitter, I made this post here … I am out of ideas.”
For its part, Ethermine has yet to respond to Reddit user requests and has not shown any obligation. Any misspellings in crypto transactions are of the ultimate nature, and miners will only return their earnings if they wish to do so. Even so, ProudBitcoiner has not lost hope.
This account said:
“Ethermine, because they mined the block my transaction was part of and it’s their goodwill if they want to return this or not.”
Currently, the company’s parent company, BitFly, faced a similar conundrum earlier this year when someone paid more than $ 2.6 million ETH as part of transaction fees in a block declared by Ethermine waterfall. However, BitFly pockets the money after holding the money for four days and claims any similar issues in the future will not be investigated or refunded.
While multiple people claimed being the sender of this transaction none of them was able to produce a valid signature of the sending account.
The distribution will be done according to a miner hashrate snapshot we took at the time block 10241999 was mined by our Ethermine pool.
— Bitfly (@etherchain_org) June 15, 2020
It seems that being your own bank comes with much greater responsibility.
You can see the Ethereum price here.
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