Crypto exchange wrongly paid $24 million in ethereum transaction fees – Markets Insider

Crypto exchange wrongly paid $24 million in ethereum transaction fees – Markets Insider


Ethereum ether coins network upgrades
The ethereum network runs the ether cryptocurrency, the second-biggest after bitcoin.

  • Crypto exchange Bitfinex on Monday accidentally paid $24 million as a fee for a $100,000 ethereum transaction.
  • Yet the miner who verified the transaction and received the fee has sent most of it back.
  • Bitfinex’s mistake was an example of a “fat finger” trade and may be the biggest ethereum fee in history.
  • See more stories on Insider’s business page.

A crypto exchange accidentally paid $24 million to send $100,000 over the ethereum network, in one of the biggest “fat finger” errors in the history of digital assets.

Yet Bitfinex was thanking its lucky stars on Tuesday after the miner who received the fee agreed to return it.

Bitfinex moved $100,000 of tether, a cryptocurrency pegged to the dollar, over the ethereum network on Monday to the decentralized finance exchange DeversiFi. DeversiFi was spun out of Bitfinex in 2019.

Ethereum transaction fees have been high recently, as the network has seen heavy use. But even so, Bitfinex’s $23.7 million fee (the cost of 7,677 ether) stood out as an obvious error on the Etherscan data page.

DeversiFi – whose selling point is that it can help users avoid gas costs – acknowledged the mistake on Monday, when The Block reported the transaction.

“A deposit transaction was made using a hardware wallet from the main DeversiFi
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