Cryptocurrency transactions and transfers usually impose fees, but they are considered a symbolic fee compared to the amount sent, but if the fees themselves become greater than the amount sent, and even become in the millions, here the process becomes wrong and has a defect.

One person paid to send $130 via the Ethereum blockchain approximately $2.6 million in transfer fees, which means a fee of one million percent, the largest amount anyone has ever paid as a transfer fee on Ethereum.

The details of this transfer refer to a transaction made hours ago transferring 0.55 Ethereum to an address belonging to Bithumb, while 10,668 ETH was charged as a fee to miners and the transaction was approved by the SparkPool mining pool.

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Fortunately, however, the money collected from SparkPool as transaction fees has not yet been distributed to the miners.

After news spread about this transaction, the “SparkPool” Twitter account reacted to this transaction and reported the following:

We are investigating the unusually high posting fee incident, and welcome evidence submission to [email protected]

SparkPool has had experience properly handling similar issues.

There will eventually be a solution.

We are also investigating an incident of unusually high transmission fees, and you are welcome to provide evidence to [email protected] SparkPool has the experience of properly handling similar issues. There will eventually be a solution.

– SparkPool.eth (@sparkpool_eth) June 10, 2020

Until now, many details are not known about the person who sent and made this transaction, and paid such a large fee.

Why did the deal cost so much money?

Ethereum users are in complete control of their transaction fees, as they can choose how much they want to pay to have their transaction included in the next block.

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The more they pay, the more likely it is that their transaction will be processed quickly.

But there is no reason to pay a lot of money for a specially prepared cryptocurrency transaction to avoid high fees.

So the accident occurred because there are a number of possible reasons for the occurrence of these excessive fees, including:

It can be said that this person tried to transfer $2.6 million of Ethereum with a fee of $130, but he did the opposite.

Then the process is done as follows:

First, the transaction is added to the block, as in general, transactions are added to the blocks according to their gas price, which would make sense in this case.

But other transactions in the block are not ordered by gas price.

What this could mean is that the transaction was created by someone in SparkPool and intentionally included in a block.

Another odd factor is that the person who sent the transaction has always used a gas price of 60 GW in their other transactions. Except this time, where he changed the price of gas to 500 million gigawatts.

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This indicates that someone changed it for an unknown reason.

Alex Svanevik, Founder of DAO D5 Data Specialist Source as follows:

Due to the distribution of gas prices determined by this portfolio (each individual outgoing transaction has a gas price of 60 GW except this one)

I would say this should have some manual intervention on the wallet and be controlled programmatically.

This isn’t the first time SparkPool has mined such an unusual transaction.

In 2019, the site Cointelegraph That same mining pool mined an Ethereum transaction for a fee of $365,000.

Read also:

What are the fees for gas and transactions in the Ethereum network?

Bitcoin Transaction Fees Keep Rising After the Fork Event