In a shocking incident that rocked the crypto world, an anonymous user accidentally spent a whopping amount of nearly $90,000 as a fee, on the Ethereum blockchain (ETH), to transfer a meager amount of about $2,200 worth of ETH. This incident is an eye-opener to many, shedding light on the risks involved in the decentralized world, wherein even minor errors can have a major impact.
Mistake in Ether Blockchain Fund Transfer Lands Crypto User in $90K Loss
On August 11, 2023, a user named DeFiac posted data on his X profile, highlighting how a user lost his funds, in a transaction, without verifying the facts. The user had relatively spent over 34.26 ETH (worth $89,200) as gas fees to transfer 0.87 ETH ($2,262). Instead of setting a regular transaction fee, the user had mistakenly set a higher fee, which resulted in the mishandling of funds.
Ethereum’s Demand Zone Retest Signals Bullish Breakout AheadFat-Finger Transactions
Such incidents, although rare, are not unprecedented in the crypto economy. They are nicknamed as ‘fat-finger’ transactions. They mostly arise due to errors either on the user side or network issues. As the crypto market grows, rules and regulations are consistently updated, however, such unforeseen circumstances do arise. To avoid such incidents in the future, the user should confirm all facts before plunging into action.
Australian Couple in Jail
In May 2021, an Australian couple was found guilty of laundering over $10 million, after being sent accidentally by a Singapore-based crypto exchange website Crypto.com. The blunder occurred when the website’s employee incorrectly entered the wrong information on an Excel sheet, following which the amount was accidentally transferred to the couple’s account.
Thevamanogari Manivel and her partner had received around $10.47 million in transfers instead of a $100 refund. Instead of reporting the mishap, they accumulated assets and even transferred around $4 million to an overseas bank account. The error came to light in December 2021, after which they were apprehended.
