Ethereum user spends $ 9,500 in fees for sending only $ 120 in an error that must be forgotten

An Ethereum user mistakenly paid $ 9,500 in transaction fees for sending only $ 120. The user, identified by his Reddit moniker “Proudbitcoiner,” says the transaction “ruined my life” and is now vehemently asking miners to return the money.

According to what was posted on Reddit on November 4, Proudbitcoiner said they mistakenly wrote the wrong transaction fee, resulting in sums being transferred nearly 80 times the intended size.

In total, the user, who was exchanging tokens on Uniswap via his Metamask wallet from Ethhereum, paid 23.5 Ether (ETH), worth about $ 10,300 at the time of writing. The average ETH fee was $ 1.07 when Proudbitcoiner placed the deal.

The funds were immediately acquired through the Ethermine mining complex, a unit of the crypto mining company Bitfly, which, by chance, created a block containing a transaction with a fee of $ 2.6 million in June.

“Metamask did not fill in the” gas limit “field with the correct amount in my previous transaction and this transaction failed, so I decided to change it manually in the next transaction (this), but instead of writing 200,000 in the” gas limit “” input field, I typed it in the “price entry” field Gas, “so I paid 200,000 Gwei for this transaction and ruined my life,” Proudbitcoiner explained.

Transaction fees are paid on the Ethereum blockchain ‘with gas’ and measured in ‘gwei’, a system that can be confusing for many people. The gas makes it possible to conduct a transaction on the grid, as long as miners agree to the price limit.

Users can set limits on the maximum amount of gas they want to spend per transaction. In conjunction with “gas price”, referred to as small amounts of ether called “gwei,” the two set fees per transaction on the Ethereum network.

READ  632 new COVID-19 circumstances, 5 new deaths introduced Saturday

And since the two miners prioritize transactions with higher fees, Proudbitcoiner conversion was processed within seconds. Now, they begged the miner to return the money. User complained:

I contacted Ethermine on Twitter, I called CEO Peter Pratscher on Twitter, I made this post here … I thought nothing of it. Ethermine, because they mined the block my transaction was a part of and it’s their goodwill if they want to return this or not.

Ethermine has no obligation to pay money back. When faced with a similar problem regarding transaction fees of $ 2.6 million in June, the miner kept the money for four days, aiming to pay compensation to the owner, but later distributed the block reward to miners within his group.

Bitfly, Ethermine’s parent company, said at the time It will not Investigate or respond to any such errors in the future.

What do you think about the Proudbitcoiner error? Let us know in the comments section below.

The signs are in this story

Bitfly, ETH fee error, Ethermine, gas limit, gwei, metamask, mining pool, Peter Pratscher, Proudbitcoiner, Reddit, uniswap

Image credits: Shutterstock, Pixabay, WikiCommons

DisclaimerThis article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, recommend or endorse any products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.

Leave a Reply

Your email address will not be published. Required fields are marked *