Ethereum: Very expensive gas !

By Bichoco | BiChoco | 11 Jun 2020

The miners didn't ask for so much! These are two very singular transactions that happened yesterday and this morning on Ethereum (ETH). They broke all records in terms of gas costs, as they each cost the modest sum of 2.6 million dollars!

Two mistakes with far too many extra zeros
Yesterday, at 11:47 a.m. Paris time, and this very morning at 5:30 a.m., two transactions on the Ethereum network involved totally exorbitant gas charges.

Yesterday's transaction was worth 0.55 ETH - or about $136 - for a total transaction fee of more than 10,668 ethers, or about $2.6 million! And again this morning: 350 ETH - or $86,400 - were exchanged for transaction fees of 10,668 ethers again.

Assumptions are everywhere to explain these transactions, especially since a second transaction with the same fee error occurred. This makes the event even stranger... A real gross error committed twice, money laundering with the complicity of the mining pool?

According to Alex Manuskin, ZenGo's blockchain analyst interviewed by The Block, it could rather be a bug in an automated system:

"A possible explanation could be an imbroglio in the code of a bot, between the value sent and the price of gas. This sender was sending a transaction every minute or so, which doesn't look like human behaviour. It could be some kind of trading platform robot. »

Whatever the exact origin of this transaction, there is no doubt that it will have devastating effects for its author. Even if the minors are kind enough to return these exorbitant transaction fees, it's quite a programming flaw that has crept in there, if this is indeed a bot.

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