User mistakenly paid $ 120,000 for cryptocurrency transfer instead of $ 27

The user mistakenly paid 4444 times the commission for a cryptocurrency transaction on the Ethereum network.

As it became known to the researchers, on May 8, the owner of digital assets paid 64 ETH (about $ 119,157 at the time) to transfer 84 WETH. The average transaction fee on the ETH network is currently $ 27.62.

The spike in transactions with the PEPE memtoken has put enormous pressure on the Ethereum network and a sharp increase in gas fees. Since the launch of REE, the average gas price has increased by 115%. However, even with such an increase in fees, it is not known why the user paid such a large amount.

According to crypto analysts, although the reason for the large gas fee remains a mystery, it is a reminder of the current scalability issues facing Ethereum. Nevertheless, ETH continues to be one of the leading cryptocurrencies in terms of market capitalization and real-world use cases, outperforming its competitors such as Solana or Cardano.

The situation with the transfer of ETH is not the only case when the fee is too high. For example, in October 2022, a user paid a thousand times more than necessary to transfer 3.8 BTC. The cryptocurrency owner was supposed to pay only 20 cents to transfer $ 63,000 in bitcoin, but it cost him $ 220.

A similar incident, albeit with higher costs, occurred on October 19 on Ethereum. An Ethereum owner paid 125.1 ETH in fees to transfer 57.9 ETH, which meant that the investor spent 183 ETH (about $ 236,537 at the time of the transfer).