Copy link
Increase text size
Decrease text size
Link copied

$2.6 M fee for 0.55 ETH transfer currently frozen by Spark Pool

Someone paid $2.6 million just to transfer 0.55 ether worth around $133 on Wednesday.


Thu, 11 Jun 2020, 07:11 am UTC

A transaction of just 0.55 ether, valued around $133, is not that remarkable in the cryptocurrency market. But what shocked everyone is the disproportionately large fee of approximately $2.6 million that the mysterious sender paid for the transfer.

The transaction happened just before 10:00 UTC Wednesday when someone sent 0.55 ether, valued $133 at that time, to another wallet, according to Coindesk. But for the transaction, the sender paid a hefty transaction fee of 10,666 ETH, which is equivalent to $2.6 million at the time of the transaction.

The recommended fee for a standard transaction is $0.153, Forbes reported. However, the fee can go as high as $0.2 if a sender wants the transaction to be processed faster. But the $2.6 million fee for a $133 transfer is clearly way beyond the normal range.

According to Ethhub co-founder Anthony Sassano, the unusually high fee might be the result of a mistake or an attempt at money laundering. However, he is leaning towards the first possibility because the fee would go directly to the Ethereum network’s miners.

“It could have been a mistake, some form of money laundering or washing,” Sassano said. “It was mined by SparkPool so they could send that ETH back to the original owner if they wanted to.”

A Mashable article also expressed a similar opinion. Since users of the Ethereum network can set both the amount to be sent as well as the corresponding fee for the transaction, it is possible that the user might have mistakenly reversed the values he entered into the two fields. That is, the user probably planned to send ETH worth $2.6 million and was willing to pay $133 for the transaction.

This wouldn’t be the first time such kind of mistake happened. In February 2019, someone paid 2,100 ETH just to transfer 0.1 of the token. However, the mining pool that received the 2,100 ETH transaction fee only agreed to give back only half of the amount.

In the recent case, the more than 10,000 ETH fee was sent to the Chinese mining group Spark Pool. The group said that it has frozen the payout to member miners at the moment.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.06.13 01:42:53
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more me on whatsapp :+12067425358 happy new year to you all .
  • 0
  • ·
  • 0
  • Bitcoin (BTC) $11,591.40 (-1.66%)
  • Ethereum (ETH) $379.94 (-3.79%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $302.74 (-2.35%)
  • Bitcoin SV (BSV) $228.71 (-3.49%)
  • Bitcoin (BTC) $11,591.40 (-1.66%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.