An Ethereum user mistakenly paid $ 9,500 in transaction fees to send only $ 120. The user, identified by their Reddit moniker ‘Proudbitcoiner’, says the transaction “ruined my life” and is currently desperately asking the miners to return money.
According to a post on November 4 on Reddit, Proudbitcoiner said they accidentally entered the wrong transaction fees, resulting in the transfer of the amount almost 80 times the expected size.
In total, the user, who was exchanging tokens on Uniswap through the ethereum Metamask ether wallet, paid 23.5 ether (ETH), worth around $ 10,300 at the time of writing. The average ETH fee is $ 1.07 when Proudbitcoiner makes a transaction.
The money was immediately pocketed by mining team Ethermine, a unit of crypto mining company Bitfly, due to some coincidence that created a block containing a transaction for a fee of 2.6 million. dollars in June.
“Metamask did not fill in 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 time), but instead of entering 200000 into the ‘gas limit’ input field, I wrote it on the input field “Gas price”, so I paid 200,000 Gwei for this transaction and ruined my life, “Proudbitcoiner explained.
Transaction fees on the Ethereum blockchain are paid for in “gas” and measured in “gwei”, a system that can be confusing for many people. The gas makes it possible to trade online, as long as the miners agree to the price threshold.
Users can set a limit on the maximum amount of gas they are willing to spend per transaction. Combined with the “gas price”, denoted by a small amount of ether known as “gwei,” the two set a fee per transaction on the Ethereum network.
And because miners prioritize the transactions with the highest fees, Proudbitcoiner’s transfers are processed within seconds. Now, they beg the miner to return the money. The user lamented:
I reached out to Ethermine on Twitter, I contacted their CEO Peter Pratscher on Twitter, I made this post here … I run out of ideas. Ethermine, because they have mined the block that my transaction is a part of and it is their good will if they want to return this or not.
Ethermine has no obligation to pay back. When it encountered the same problem with transaction fees of $ 2.6 million in June, miner held the money for four days, intended to return it to the owners, but later distributed the block reward for the operators in its group.
Bitfly, Ethermine’s parent company, said at the time that it would not investigate or refund any such bugs in the future.
What do you think about Proudbitcoiner’s error? Let us know in the comments section below.
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