Ethereum transaction fee

Ethereum transaction fee of $23.5 was paid by an unknown user for a single transaction

An unknown user using Bitfinex wallet paid an Ethereum transaction fee of $23.5 million for a single transaction of 100,000 Tether. This is the highest transaction fee ever paid by anyone in the history of the crypto market.

The cryptocurrency market is often appreciated for the irreversible transaction feature. But, this important feature can be problematic in some cases. The Ethereum Network is applauded for the smart contracts but a recent update has made it more reliable. The recent update was about the gas fees over Ethereum Network which would change according to the activity being performed on Network.

Highest Ethereum transaction fee in history:

This feature can be very costly sometimes like in this case an unknown user was charged almost 7676.6 ETH (almost 24 million dollars) for a single transaction of 100,000 tethers over Ethereum Network as an Ethereum transaction fee. Transaction of tethers was made from Bitfinex to Diversifi.

Ethereum transaction fee
The Picture of Ethereum transaction fee
Source: Etherscan

Diversifi is a non-custodial exchange introduced from Bitfinex. Diversifi spokesperson explained the situation by saying:

   At 11:10 UTC on the 27th of 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.

These transactions fees are irreversible normally but the sender can get their money back from the Ethereum miner. The Ethereum miner who processed the transaction can give back the access Ethereum transaction fee. An unknown pool processed the Ethereum block 13307440. The excess fee is still in the miner’s wallet.

Such incidents have also been happening in the past. The Investigation is going on and we can hope that funds will be returned. For more content please click here.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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