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cryptofreak

Just to send $14.71 worth of ethereum, unknown user pays $308,000 for transaction fees

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Crypto lovers on Twitter, Reddit and even on etherscan’s comment section are having a field day after an anonymous crypto user had to pay a transaction fee of $308,000 just to send $14.71. Due to this fact, so many have become inquisitive to know what led to such.

Some said that the users must have made a mistake paying the high fee, probably someone old that is not used to making crypto transfers. However, taking a closer look at the same public address, we could see that these kind of transactions have occurred before.

For instance, an hour before the initial payment, 420 ethers ($61,744.20) was paid to send 0.02 ethers ($2.94). Also 210 ethers ($30,857.40) was paid as fees to transfer 0.01 ether ($1.47) and 840 ether ($122,715.60) to send 0.02 ether ($2.92). Could this error be made despite the fact that the default gas limit has been set to 2100? This sounds absurd. Nevertheless, the wallet used for the transaction currently holds about $86,000 and has already performed 17,694 transactions from it.

 

Money Laundering

Obviously, cryptos are usually used as a medium for money laundering, and due to its high occurrence recently, it is not surprising that this thought comes to mind. Therefore, there is an assumption that whoever sent the cash is in search of ways to hold on to the funds which they’ve obtained through illegal means without leaving traces.

Concerning this case, the sender must have decided to spend so much in fees, but decided not to broadcast the transaction over the network. Due to this, other miners won’t locate it because they only get rewarded for taking first place in locating the next block. This tells us that, the block is still open and the sender can still claim their $308,000.

 

High speed of transaction

Paying such a high amount for fee can also be due to the fact that the sender needed the payment to be delivered within seconds. It is well known that the faster your transaction on the Ethereum or Bitcoin blockchain, the higher the fees. However, this still makes no sense, because the amount involved in the transaction was small.

Asides these, Reddit users have recommended some blockchains that offer high transaction speed without charging a fee. Nano is well recognized in this regard as it carries out transactions within 7-8 seconds; however, it still makes use of user's resources like bandwidth and electricity to facilitate such payments.

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