According to a report, a recent transaction on the Ethereum network saw someone pay 10,668 ETH worth $2.5 million transaction fee to send $133 in ETH.
This recent occurrence is not the first, as many instances whereby users had to pay exorbitant transaction fees had surfaced in the past.
10,668 ETH Transaction Fee Paid to Send $133 worth of Ethereum (ETH)
Further findings reveal that the sending address currently has over 46,000 ETH in its balance, which is relatively $11.2 million at the time of filing this report.
A closer look at the transaction history of the address, makes it appear like it’s owned by a crypto exchange, due to thousands of other transactions taking place.
Additionally, it’s noticed that the transaction took place in block 10237208 that was mined by Spark Pool. The company has promptly reacted by issuing a statement via its official Twitter handle, assuring that investigation has commenced over the issue.
Spark Pool wrote:
“We are further investigating the incident of unusually high tx fee, and you are welcome to provide clues to [email protected] SparkPool has had the experience of handling similar issues properly. There will be a solution in the end.”
We are further investigating the incident of unusually high tx fee, and you are welcome to provide clues to [email protected] SparkPool has had the experience of handling similar issues properly. There will be a solution in the end. https://t.co/mZc49Q0Y4r
— SparkPool.eth (@sparkpool_eth) June 10, 2020
At press time, the reason behind the exceedingly high transaction fees has not been ascertained, but explanations related to the major cause of this huge error is expected to unfold.
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