March 29, 2024

Unknown user paid $ 5.2 million for two ETH transaction fees

An unknown user of Ethereum paid to send two transactions to the ETH commission, equivalent to $ 5.2 million. The pools that confirmed the transactions investigate the situation.

Yesterday, it was reported that one user made a transaction for 0.55 ETH, equivalent to $135, and paid a fee of 10,668.7 ETH for it — approximately $2.6 million at the current exchange rate.The transaction was confirmed by SparkPool, one of the largest Ethereum mining pools.The transaction fee went to the SparkPool address from which miners' rewards are distributed, and the pool confirmed on Twitter that it is looking intosituation.

This time, the user sent a large amount of 350 ETH, equivalent to about $86,000, but the transaction fee was again 10,668.7 ETH, or $2.6 million.

"This could be the result of transactions being sent as part of an automated process and the transaction fee is calculated incorrectly," the independent consultant saidColin Platt.

Platt suggested that transactions are made by the exchange, possibly from a cold wallet.

"Apparently, it's not a hot wallet, as the transaction sequence number for the address was quite small," he said.

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Other analysts say it could beaction as part of a money laundering strategy. Theoretically, an Ethereum miner can turn illegally obtained cryptocurrencies into a “legitimate” income of the miner by paying a huge commission for the transaction and confirming it yourself. This is possible because miners can choose which transactions they include in their blocks and can leave the transaction to themselves.

One of the main arguments against money laundering is that the transactions ended up on two different mining pools that usethousands of miners around the world.

In both cases, ETH was frozen, and mining pools are considering whether to return the commission to the sender of the transaction.

"Today, our Ethermine pool confirmed a transaction with a fee of ~10.000 ETH... We believe this was an accidental error and to resolve this issue, the sender of the transaction should contact us immediately!", wrote Bitfly, which owns the Ethermine mining pool that mined the block with the second transaction.

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The other day there was information that Upvestwill develop a tool for predicting fees for transactions on the Ethereum network, and Glassnode said that the daily volume of commissions of miners in Ethereum has become greater than in Bitcoin.

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