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ETH User Pays $9,500 in Gas Fee for a $120 ETH Transaction

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ETH User Pays $9,500 in Gas Fee for a $120 ETH Transaction

Another human error was found on the Ethereum network yesterday as a user paid in gas fee 79 times the value of the transaction itself. 

A Metamask user tried swapping Ethereum for a DeFi token. In the process, the user paid over $9,000 in transaction fees for a transaction of $120. The user has reached out to the mining pool that processed the transaction for assistance. However, the user is yet to receive a response from the mining pool or his message to the CEO of the mining pool.

In a post on Reddit, the user with the nickname ProudBitcoiner explained his situation to the Reddit community claiming to pay a gas fee of 23.517 ETH while trying to swap wrapped ether (WETH) for 531 ChiGastoken (CHI) worth about $120. 

ETH Transaction

“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 200,000 in ‘Gas Limit” input field, I wrote it on the ‘Gas Price’ input field, so I paid 200,000 GWEI for this transaction.”

This is Not the Largest Gas Fee this Year 

Although this might sound like a lot, this $9,500 is nowhere near the all-time high record for gas fees this year. During the summer, a crypt exchange made two consecutive transactions for 0.55 ETH and 350 ETH. On both transactions, a human error made it possible to pay 10,688 ETH each time for each transaction. 

However, the mining pool in charge of the transactions, Ethermine picked the second transaction. The parent company Bitfly kept the funds after the exchange failed to contact them within four days. Bitfly also asses that similar issues in the future will not be investigated. Neither will it refund any funds.

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