One very unfortunate crypto investor has paid a 200.00360600 Litecoin transaction fee, a $17,536 fiat equivalent. The strange event happened on May 23, 2019, on the Litecoin network. The amount of LTC sent, though, was a paltry 8.881 LTC, which is about 20 times less than the expensive fee charged.
Following the strange transaction, there was a transaction fee spike across the Litecoin network, an event not witnessed since December 2017 when the token had amassed values of $400. The network’s fees though settled to back to their usual humdrum at the day’s end.
Consequently, the transaction debacle sent the crypto world abuzz as it has happened in the past. There are claims that “miners could be laundering their own money or someone else’s” and “could it be, an actual hack: A sends money to B, the fee goes to C. There was also the uplifting “no worries. The Chinese miners will give it back. Chinese are very honest and compassionate…”
However, forensic pundits believe that the whole transaction was done to consolidate funds. The address of the sender has already moved $211 million worth of Litecoin in the past since its appearance on April 5, 2018. The account has done 2,573 transactional in all and has an LTC balance of 323. The account seems to move funds so it could possibly be a business owned account.
Other Strange Transactions
There are no details yet out on the cause of the huge transaction fees and whether it was a bot’s or human error. The payment was however sent to LTC.TOP, a mining pool based in China. This is not, however, a one-off event in the crypto world. It has happened before to a few unfortunate crypto investors. Earlier on in the year, another trader paid a hefty $300,000 transaction fee or 2,100 ETH for 0.1 ETH worth $14.80.
Shocked crypto users hypothesized that the transaction was a user error whereby the transaction fee was incorrectly swapped with the value that was to be sent. It is a common mistake when crypto is being sent to another address. Some users also send crypto to wrong wallet addresses. This is why a double check to ascertain values before sending and signing off a transaction is always advised. All decimals should be in the right pace and limits should be included on transaction fees that are custom set.
Things, though, became a tad strange when keen crypto users noticed that the wallet had sent out other transactions of this nature on the same day. In illustration, one transaction fee of 3990.00000000000004 ETH was paid for 0.170000000000000002 ETH.
In 2016, a Bitcoin holder also sent a bitcoin fee worth 291.241 BTC or $137,081.31 at the time. The Bitcoin sent was only worth $5. The mining fee went to the transaction processor the BitClub Network. Crypto user felt that the poor user meant to send $137000 worth of BTC and the $5 was sent as a thank you to the processor.