Ouch, today someone made a transaction with over $500k fee. - page 5.

gunhell16

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I think that in that incident, there is a possibility that F2pool will return it to the sender who made the transaction. Although they cannot return it because it is not their fault. But as far as I can see, F2pool is not like that because they already had experience like that way back on June 11, 2020, when they returned around 500k$ https://cointelegraph.com/news/f2pool-returns-500k-of-abnormal-eth-transaction-fee-to-sender

Then, at the latest, F2pool is still contacted about that matter.

So it can be said if the sender still has hope that it will be returned to him because the history of f2pool is good.

https://www.binance.com/en/feed/post/2023-09-11-f2pool-to-temporarily-hold-20-btc-from-high-fee-transaction-1121998

FatFork

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Quote from: tbct_mt2 on September 12, 2023, 03:26:55 AM

The in and out transactions look big enough in number of transactions pointed out by Jameson Lopp but I don't really think it can be a software bug. It can be something intentionally did to create fud like Bitcoin is not perfect, you can lose money with it by using a Bitcoin software to send transactions. The market is still in rumor season so I am keen on this assumption.

If that were true, it would be an incredibly costly way to spread FUD, with an almost negligible impact in the end!! I can come up with at least a dozen more effective ways to spread FUD if someone were truly willing to invest that much money.

Why do you think it's not just a software bug? It's happened before, you know.

yhiaali3

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It is truly unbelievable. This is a very large amount of money that was paid in fees. I cannot believe how someone could send such a large amount and not check the transaction two or three times before sending. I don’t know what to call this. Is it bad luck or negligence?

I don't know how this error happened in the first place? When I send Bitcoin from my wallet, the fees are determined automatically, and there is a maximum and a minimum limit for the fees. So how did this error occur and fees were sent that exceed the maximum limit by thousands of times? Unless the wallet this unlucky person used allows manual entry of fees or the wallet has a problem.

Woodie

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Quote from: pawel7777 on September 10, 2023, 03:48:18 PM

The bitcoin fees market is getting out of control. Someone must've been really in a hurry as they paid BTC19.82 (~$511,000) fee just to send $2k worth.
Jokes aside, probably a very painful mistake. I wonder how's it going to unfold and whether the miner will return it to the unlucky sender.

Source:
Explorers: https://twitter.com/whale_alert/status/1700920065934213256
Blockstream: https://blockstream.info/tx/d5392d474b4c436e1c9d1f4ff4be5f5f9bb0eb2e26b61d2781751474b7e870fd?expand
Blockchain.com: https://www.blockchain.com/explorer/transactions/btc/d5392d474b4c436e1c9d1f4ff4be5f5f9bb0eb2e26b61d2781751474b7e870fd

I know for certain you can track which miner mines the block and what time this happened, but Is it even possible for a miner to return such a good reward??

As far as am concerned miners look forward to harvesting such block rewards because they know that these mistakes always happen & will not stop today either and you can not blame anybody for such a costly mistake, besides why bother with the fees when 8 out of 10 times the fees suggested by the wallet app will usually be adequate enough for you not to wait all day for a single confirmation Huh

Whatever is happening here, this guy has learnt the hard way!

Edit

Quote from: Fivestar4everMVP on September 12, 2023, 03:05:52 AM

Saw this in the news yesterday, and like it was stated there, the pool that took the fees have already set it aside giving the owner of the transaction 3 days to come forward and claim back the fees.

And it was also learnt that the wallet that sent this transaction likely belonged to an exchange, and the high fees was as a result of faulty or software that malfunctioned

lucky whale/exchange hope they make the claim as time is counting down Cool

tbct_mt2

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Quote from: Fivestar4everMVP on September 12, 2023, 03:05:52 AM

Saw this in the news yesterday, and like it was stated there, the pool that took the fees have already set it aside giving the owner of the transaction 3 days to come forward and claim back the fees.

And it was also learnt that the wallet that sent this transaction likely belonged to an exchange, and the high fees was as a result of faulty or software that malfunctioned

Giving 3 days to claim it are too short but F2Pool opens to cooperate with the sender. The value is not small so the sender must hurry up to contact F2Pool for claiming that bitcoin back.

The in and out transactions look big enough in number of transactions pointed out by Jameson Lopp but I don't really think it can be a software bug. It can be something intentionally did to create fud like Bitcoin is not perfect, you can lose money with it by using a Bitcoin software to send transactions. The market is still in rumor season so I am keen on this assumption.

Fivestar4everMVP

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Saw this in the news yesterday, and like it was stated there, the pool that took the fees have already set it aside giving the owner of the transaction 3 days to come forward and claim back the fees.

And it was also learnt that the wallet that sent this transaction likely belonged to an exchange, and the high fees was as a result of faulty or software that malfunctioned

o_e_l_e_o

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Quote from: DVlog on September 11, 2023, 08:23:10 AM

What if this was done with the intention of money laundering?

It wasn't. The transaction was broadcast publicly, meaning any miner could have mined it and claimed the fee.

Quote from: GreatArkansas on September 11, 2023, 10:49:59 PM

Bitcoin wallets must have some special feature that this incident will be prevented, it is huge money.

Many wallets do implement some kind of sanity check if you select outrageous fees. But this is clearly an automated system and not some piece of wallet software, and whoever programmed it obviously did not include such a sanity check.

NotATether

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Quote from: Zlantann on September 10, 2023, 10:32:24 PM

I just don't know what to think in this case. Was the owner drunk or having some health issues? Maybe the wallet and funds were inherited by someone who has little knowledge about Bitcoin and was trying to make his first transaction. It could also be a human error from someone knowledgeable. I think is ethical for the F2Pool to refund the funds after deducting some expenses, doing that will make their reputation rise in the industry. As the story unfolds I just hope it has a good ending and that the funds are returned to the owner.

Most wallets do not let you specify the absolute fee of the transaction, and only the fee rate in satoshis (per vbyte), so a truly careless person would have to somehow shove 10 zeroes into the fee rate or had automated the transaction, because this is bordering on the line of recklessness otherwise. I don't see how someone can accidentially pay $500k in fees otherwise.

GreatArkansas

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I'm curious how this mistake is being made.
It is something related if you send a Bitcoin or do some transaction then you can update how many satoshi/byte you will use?

Bitcoin wallets must have some special feature that this incident will be prevented, it is huge money.

DapanasFruit

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I am really wondering how come a person with having that amount of Bitcoin in his wallet be not so careful with this transaction. He must be so sleepy so as not see that he is actually paying a very large fees for a transaction that is just minuscule. Or he just be another ignorant crypto holder that is now paying a hefty tuition fee for this mistake. Now, am hoping that there can be some kind of a warning that will announce "tot tot" when you are about to pay a huge fees so one can check and recheck before letting the transaction go ahead.

Lakai01

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Quote from: philipma1957 on September 11, 2023, 10:02:10 PM

It is a moron mistake. Maybe they will refund it.

If i solo hit that block I would most likely publicly refund 95% of the fee.

As @o_e_l_e_o wrote the transactions are clearly automated; it is highly likely that no one has intervened manually here. The only question is how this could happen ... a faulty code that only hits after ~60k transactions is of course possible, but especially such highly critical code parts are usually not used lightly in a productive environment.

However, I can't see any intention behind it at first glance, for money laundering or the like the process would be much too delicate. Of course, it is quite possible that the Bitcoins were "gotten rid of", but there would be much better ways to do that.

philipma1957

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Quote from: albert0bsd on September 11, 2023, 07:08:42 AM

Quote from: satscraper on September 11, 2023, 06:58:33 AM

... transaction with such enormous fee could be mined by other pool but they might have no option other than to lose money or mine it be themselves.

I already discard that theory, the TX was publicly broadcasted according to mempool.space data. The TX was match with the expected block.

According to blockchain

Quote

Broadcasted on 10 Sep 2023 5:02:56

And the block was mined:

Quote

Mined on September 10, 2023 5:10:01

Almost 7 minutes on mempool, that actually can be mined by anyone with some decent hash rate or some luck.

So if you want to launder some money you shouldn't use that way.

It is a moron mistake. Maybe they will refund it.

If i solo hit that block I would most likely publicly refund 95% of the fee.

joniboini

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Quote from: pawel7777 on September 11, 2023, 03:25:11 PM

Although I can imagine a lot of miners participating in their pool might not be happy about it. After all, it's their money, so any offers like that should be somehow agreed with them.

I don't see how practical it would be for them to ask every miner if they agree or not. It can also affect their image if they do a poll or something similar. I believe doing something like this would give them better PR and the user would likely give them a bonus instead. But yeah, we don't really know what is happening behind the scenes. Maybe the the user can't provide any proof and the money still belongs to the pool anyway.

Quote from: decodx on September 11, 2023, 02:49:49 PM

or maybe they're totally unaware of the blunder.

It would be really odd if they never realized they received so little of their funds from doing a simple transaction.

pawel7777

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Quote from: o_e_l_e_o on September 11, 2023, 08:09:05 AM

F2Pool have said they will hold the funds for three days and return them to the rightful owner if claimed: https://nitter.cz/satofishi/status/1701042302238724512#m

That's bold, but I kind of expected that big pool like them will make an offer to refund, it's a good PR. Although I can imagine a lot of miners participating in their pool might not be happy about it. After all, it's their money, so any offers like that should be somehow agreed with them.

Quote from: Artemis3 on September 10, 2023, 04:47:13 PM

Can you imagine if this was found by a solo miner? lol, talk about winning the lottery: 26 bitcoins... above the reward given in 2013...

All solo-miners are good guys, I'm sure any of them would refund the fee.

Meanwhile, the story is making headlines in crypto-related news portals:

https://thecryptobasic.com/2023/09/11/future-of-finance-bitcoin-user-pays-jaw-dropping-19-bitcoin-in-transaction-fee/
https://www.financemagnates.com/trending/bitcoin-user-pays-outrageous-510000-transaction-fee/
https://u.today/bitcoin-user-just-paid-half-a-million-dollars-for-a-single-transaction
https://cryptoslate.com/bitcoin-users-costly-error-leads-to-record-transaction-fee-of-510000/
https://www.newsbtc.com/bitcoin-news/lost-in-transaction-bitcoin-user-overpaid-by-500000-for-a-200-deal/
https://en.cryptonomist.ch/2023/09/11/bitcoin-insane-fees-spent-transaction/
https://www.cryptopolitan.com/a-half-million-dollar-mistake-user-pays-500000-fee-for-a-200-bitcoin-transaction/

decodx

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Quote from: o_e_l_e_o on September 11, 2023, 08:09:05 AM

F2Pool have said they will hold the funds for three days and return them to the rightful owner : https://nitter.cz/satofishi/status/1701042302238724512#m

Wow, that's some serious stuff. Just imagine being the developer who goofed up like that! I hope the person responsible can rest easy now that F2Pool is saying they'll give refund if anyone claims it.

But what if no one actually asks for the money? It could mean a couple of things. Either someone made the mistake intentionally and doesn't want to draw attention to it, or maybe they're totally unaware of the blunder.

bhadz

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Quote from: o_e_l_e_o on September 11, 2023, 08:09:05 AM

F2Pool have said they will hold the funds for three days and return them to the rightful owner if claimed: https://nitter.cz/satofishi/status/1701042302238724512#m

While reading all of the posts in here, I was thinking if it's gonna be refunded but it's such a good news to see that F2Pool is just gonna hold based on the update given by oeleo.

Quote from: AHOYBRAUSE on September 11, 2023, 07:41:03 AM

That's really some insane stuff. Hopefully the person has like 1000s of btc and can live with the error. This type of mistake can break a person and ruin his/her life forever otherwise.

I think it's a rare case and usually people that make a mistake like this aren't really people but the exchanges or some huge services that's been operating related. But for real if this is like just an individual person and does this mistake, something may come terribly to his mind and we don't know what's gonna be the end of that story.

DVlog

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Quote from: adaseb on September 10, 2023, 09:37:39 PM

Yeah I was on Jochen earlier trying to find what is the optimal fee to use to send a transaction and noticed the huge spike which skewed the entire chart,
https://jochen-hoenicke.de/queue/#BTC,24h,fee

See that high peak, yeah that was the transaction.

I think this person instead of using a wallet, they probably wrote out the transaction by hand and got the miner fee mixed up with the transaction fee. This is the only way I can see this happening since its most likely not laundering funds since it was mined by a large pool and not an unknown miner.

You have raised a good point. Mixing miner fees for transaction fees is understandable but a person with such an amount doesn't know which one is a miner fee is weird. Perhaps he sent that transaction in a hurry and didn't notice that the transaction fees he put in were enormous. There can be a wallet glitch as well. We don't know which wallet he was using so this is another possibility. I do not think that Send is a newcomer because a newcomer with that amount of Bitcoin is rare.

What if this was done with the intention of money laundering? This is a strange case and this doesn't look like a traditional money laundering. Perhaps someone was trying to obfuscate the origins of the BTC. But paying high fees like this doesn't make sense in traditional money laundering cases.

o_e_l_e_o

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Quote from: albert0bsd on September 11, 2023, 06:33:25 AM

So based on this personally i only can think that it was caused by a code error, some exception that was not correctly handled, but that is also very unlikey, as developer i don't see a case where it can fail like this.

Absolutely.

The address is obviously owned by some exchange or other service. It was first used fairly recently on June 22nd, and it seems to only have received funds from this address: bc1qlm0xlahpysq2v9yh5rhcc430xjz3xknqqnyvaf. The transactions are clearly automated. They've made 60,000 transactions without an error, and a few hundred more since this error occurred. I wonder what the error is? My only thought is someone tried to withdraw to the exchange's address and it somehow overwrote the change output.

F2Pool have said they will hold the funds for three days and return them to the rightful owner if claimed: https://nitter.cz/satofishi/status/1701042302238724512#m

AHOYBRAUSE

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Oh wow, what a costly mistake.

The question is, how can something like this happen?
At some wallets it gives you a warning if the fee you chose is way higher than necessary but 19btc, come on. Any wallet should stop the person of making this transaction as it is an obvious mistake.
Maybe now, after this story got public, wallets will make some adjustments to prevent something like that.

That's really some insane stuff. Hopefully the person has like 1000s of btc and can live with the error. This type of mistake can break a person and ruin his/her life forever otherwise.

albert0bsd

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Quote from: satscraper on September 11, 2023, 06:58:33 AM

... transaction with such enormous fee could be mined by other pool but they might have no option other than to lose money or mine it be themselves.

I already discard that theory, the TX was publicly broadcasted according to mempool.space data. The TX was match with the expected block.

According to blockchain

Quote

Broadcasted on 10 Sep 2023 5:02:56

And the block was mined:

Quote

Mined on September 10, 2023 5:10:01

Almost 7 minutes on mempool, that actually can be mined by anyone with some decent hash rate or some luck.

So if you want to launder some money you shouldn't use that way.

Topic: Ouch, today someone made a transaction with over $500k fee. - page 5. (Read 1103 times)