An Ethereum User Accidentally Paid Over $9000 in Fees to Send Only $120
A mistake has destroyed the life of an Ethereum user who spent a massive amount in transaction fees while making a small transaction. The user accidentally paid an amount of more than $9000 in transaction fees to make a transaction of only $120. The transaction fee is 80 times higher than that of the actual value of the transaction.
User paid 23.5172 ETH in transaction fees
According to a Reddit post on November 5, ‘ProudBitcoiner’ was executing a swap on the decentralized finance exchange Uniswap. During the swap, the trader exchanged 0.2955 tokens in Wrapped Ether (WETH) for 531 CHI Gastoken (CHI). However, when the user made the transaction, he mistakenly spent nearly 23.5172 ETH in transaction fees. 531 CHI tokens were worth only $120.
While on the other hand, the transaction fee that the user paid was worth approximately $9500 at that time when the price value of Ether was trading at around $402. But now the value of this transaction fee is worth $9971 when ETH’s price is changing hands at around $432.
This transaction was processed by an Ethereum mining pool called Ethermine. The transaction fee collected by this mining pool was far more than that of the average fee of $1.07 (0.0022 ETH). The user made the transaction from the well-known Ethereum wallet MetaMask.
“I destroyed my life”
While explaining the incident, the Ethereum user said that he wrote 200,000 in the input field of Gas Price instead of writing in the input field of Gas Limit. In this way, he paid 200,000 GWEI for this small transaction. This is how he said that he destroyed his life. The user said:
“Metamask didn’t populate the “Gas Limit” field with the correct amount in my previous transaction and that transaction failed, so I decided to change it manually in the next transaction (this one), but instead of typing 200000 in “Gas Limit” input field, I wrote it on the “Gas Price” input field, so I paid 200000 Gwei for this transaction and destroyed my life.”
The user has asked Ethermine for help in order to recover some of the lost fees. He even contacted the mining pool’s Chief Executive Officer (CEO) Peter Pratscher as well on Twitter.
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