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The global crypto market cap is $1 trillion with a 24-hour volume of $32.44 billion. The price of Bitcoin is $25,054.29 and BTC market dominance is 48.7%. The price of Ethereum is $1,542.60 and ETH market dominance is 18.5%. The best performing cryptoasset sector is DuckSTARTER, which gained 55%.
The average transaction fee on the Bitcoin network was less than $3.
Cover art/illustration via CryptoSlate
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.
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.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
CryptoSlate’s latest market report dives deep into shifts in China’s economic policies and the effects it could have on the global financial and crypto markets.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
The average transaction fee on the Bitcoin network was less than $3.
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Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
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