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A Mistake Pay Of $23.5M in Fee for an Ethereum Transaction

Ethereum
Ethereum

Blockchain networks being known and praised for the irreversibility of transactions.

This is a good feature but it can actually cause users distress, as evidenced in a recent transaction spotted on the Ethereum network.

Ethereum Transaction

An anonymous user transmitting 100,000 Tether (USDT) to an address ended up paying 7,676.6 ETH (approximately. $23.5 million) in transaction fees.

Etherscan
                                   Etherscan

From the image above, the transaction emerged from a wallet belonging to popular cryptocurrency exchange Bitfinex.

The funds were transferred from Bitfinex to Deversifi, a non-custodial exchange platform birthed by Bitfinex . Deversifi Twitted:

At 11:10 UTC on the 27th September a deposit transaction was made using a hardware wallet from the main DeversiFi user interface with an erroneously high gas fee. DeversiFi is currently investigating the cause to determine how this occurred and will keep you updated. No customer funds on DeversiFi are at risk and this is an internal issue for DeversiFi to resolve. Operations are unaffected.

Honestly, such transactions are normally irreversible, however, the sender can regain their money if the Ethereum miner that processed the transaction decides to refund the excess fee amount. The transaction in question was added to Ethereum block 13307440 which was processed by an unspecified mining pool.

Meanwhile, The miner has repaid the excess ETH to Bitfinex’s wallet address where the transaction originated, tori4africa revealed.

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