Sunday, January 17, 2021

Someone Just Paid 10,668 ETH worth $2.5M TX Fee to Send $133 worth of ETH

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)

A few hours ago, Etherscan reported an Ethereum transaction detail of someone that sent $133 in ETH using a transaction fee of 10,668 ETH worth $2.5 million at press time.

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.

Someone Just Paid 10,668 ETH worth $2.5M TX Fee to Send $130 worth of ETH
Courtesy of Etherscan

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 support@sparkpool.com. SparkPool has had the experience of handling similar issues properly. There will be a solution in the end.”

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.

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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