Bitcoin user’s costly error leads to record transaction fee of $510,000

cyptouser11 months agoCryptocurrencies News320

Bitcoin user’s costly error leads to record transaction fee of $510,000

According to on-chain data, a Bitcoin user spent a staggering 19 BTC, around $510,000, in transaction fees for transferring a mere 0.074 BTC, valued at less than $2,000, on Sept. 10.

The average transaction fee on the blockchain network was $2.176 as of press time, per data from ycharts.com. Per mempool, the user overpaid more than 480,000 times for the transaction, making the fee the highest ever recorded on the Bitcoin network.

Jameson Lopp, the co-founder of CasaHODL, who analyzed the incident, noted that the fat finger error might be due to buggy software from an exchange or payment processor address.

According to Lopp, the address has received and sent more than 60,000 transactions and likely miscalculated the change output, causing transaction fee errors.

“The address in question that made the fee calculation error has the characteristics of a withdraw-only hot wallet from an enterprise. It looks like it only receives deposits from one address to top up its balance now and then,” Lopp added.

Bitcoin fees
Source: Mempool

Chun Wang, co-founder of F2Pool, said the 20 BTC fees will be temporarily held. The user responsible for the transaction has a three-day window to claim these fees. However, if no one comes forward to claim them, miners will redistribute the fees.

This decision aims to address the unclaimed fees fairly and equitably.

Interestingly, it appears the user has not noticed the mistake, as they are still sending transactions from the wallet.


The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Industry insiders challenge Voorhees ‘cryptocurrency over democracy’ stance

A recent keynote address by American entrepreneur and early Bitcoin adopter Erik Voorhees has ignite...

Bitcoin, Solana community calls out Coinbase CEO on crypto payment vision

Bitcoin, Solana community calls out Coinbase CEO on crypto payment vision

The vision for a future where crypto payments are instant, accessible, and global has ignited a spir...

BitBoy apology video reveals Armstrong plans comeback amid emotional plea

Ben Armstrong, the leading figure behind BitBoy Crypto, has made a heartfelt and emotional addr...

Owocki rejoins Gitcoin amid shifting landscape and open-source funding needs

In a recent Gitcoin forum post, Kevin Owocki, co-founder of Gitcoin, outlined his intentions fo...

Nvidia shrinks AI image generation method to size of a WhatsApp message

Nvidia shrinks AI image generation method to size of a WhatsApp message

Nvidia researchers have developed a new AI image generation technique that could allow highly custom...

Shopify integrates with ‘zero-fee’ Solana Pay, prompting businesses to adopt crypto transactions

Solana Pay, the decentralized payment protocol by Solana Labs, has integrated with Shopify. This str...