cryptodaily.co.uk: $300k Fee Charged For A $14 ETH Transaction

  • Wednesday, 20 February 2019 11:30
Ethereum has a lot of users and one of them is probably getting ready to take out another mortgage after being charged 2100 ETH when trying to send someone just $14 ETH. This is a massive fee which might seem like a mistake at first the but the user's account is said to be very active and so the chances of making such mistake aren't very high. The transaction fee is worth more than $300,000 with the current rates taken into consideration and even though this is a massive sum, it would hardly cost up to $14 to send to another wallet which leaves a lot of enthusiasts wondering how the network would charge such a massive fee when considering how small transaction is. Ooooooooops!Looks like some poor dev just paid 3,150 ETH ($450k) in transaction fees.https://t.co/IAHU3ylY33https://t.co/6LEA3smeOJhttps://t.co/M0LztSyWo7 — Mati Greenspan (@MatiGreenspan) February 19, 2019 The crypto community took to Reddit and has been discussing the problem. Some people believe that there is a problem with the user's Wallet Interface from which the funds were initially sent. There are some others that think it could be a possible attempt to launder money too since the same wallet has sent a similar amount in fees. However, the small transaction amounts could just be a formality. The user Biht Coign took to Twitter to say: “A further hypothesis is that this transaction fee was sent as a way to cook the books or launder money, possibly by a mining operation. The same account was found to have previously sent out other similarly large sums. The amount being transferred from one account to another could be a way to disguise the origin of funds. Many have countered that this is unlikely, as there is a risk that the miners wouldn’t successfully mine the block, and would lose their money to someone else.” Although it is unknown what caused the mishap, it is a bad image for Ethereum since this could very well be a new tactic to launder money using cryptocurrencies.

Additional Info

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

Disclaimer: As a news and information platform, also aggregate headlines from other sites, and republish small text snippets and images. We always link to original content on other sites, and thus follow a 'Fair Use' policy. For further content, we take great care to only publish original material, but since part of the content is user generated, we cannot guarantee this 100%. If you believe we violate this policy in any particular case, please contact us and we'll take appropriate action immediately.

Our main goal is to make crypto grow by making news and information more accessible for the masses.