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Despite lower fees in cryptocurrencies compared to traditional markets, high amounts are sometimes paid due to congestion. A similar situation emerged recently with an incredible transfer costing $90,000.
Crypto Investor’s Big Mistake
DeFiac, a user on X, revealed an important event on August 11. According to data provided by Etherscan, an unknown crypto user mistakenly spent $90,000 on gas fees for an Ethereum transfer worth $89,200, instead of the required $2,200 fee, using 0.87 ETH valued at $2,262.
As of the time of writing, gas fees on the Ethereum network were between 2 and 4 gwei, marking the lowest level of the year. In other words, the ETH transfer should have cost a maximum of $5 under normal conditions. This user overpaid by more than 1,783,900%.
Such erroneous transactions, known as “fat finger” errors, are not uncommon in the crypto space.
On October 10, 2023, an NFT investor paid 1,055 ETH, worth $1.6 million at the time, for an NFT valued at only $1,000.
Not only individual investors make such mistakes while transferring. In May 2021, Singapore-based crypto exchange Cryptocom mistakenly sent $7 million to an Australian user, Thevamanogari Manivel, drawing significant attention.
Manivel did not report this error and used the money to buy a multi-million dollar mansion in Melbourne. Additionally, she transferred approximately $4 million to an overseas bank account. She was sentenced to 209 days in prison for “dealing with the proceeds of crime.”
What is Ethereum’s Current Price?
Today, a decline was notable in cryptocurrencies, especially Bitcoin. This decline also affected Ethereum, causing a 4% drop in the last 24 hours, worrying investors. After this drop, the price is at $2,550, but staying above $2,500 still gives confidence to investors.
Ethereum’s market cap also decreased following this market activity. The market cap fell to $306 billion but remains above $300 billion. There was an incredible increase in trading volume, indicating that investors might be buying the dip. ETH’s trading volume rose by over 66%, reaching $14.8 billion.
