A MetaMask wallet user, while trying to exchange Ethereum for a DeFi token, paid over $ 9,000 in transaction fees and transferred only $ 120 worth of ETH. The user has contacted the mining pool that processed the transaction for assistance, but has not yet received a response.
The user, known by the nickname ProudBitcoiner, explained his unusual situation on Reddit. I was using the popular online wallet MetaMask to exchange 0.2955 WETH for 531 Chi Gastoken (CHI) for about $ 120. However, the fee he paid was abnormal: 23,517 ETH, equivalent to $ 9,500.
The Ethermine mining pool processed the transaction in 30 seconds and collected the fee. Mining companies tend to prioritize transactions where users offer to pay higher fees. However, this can lead to costly human error, which seems to be the case in this situation, as the user explained:
“MetaMask did not fill in 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, but instead of writing 200,000 in Gas Limit, I wrote in Gas Price, so I paid 200,000 GWEI for this transaction and destroyed my life. "
The term "gas" refers to the cost required to conduct a transaction on the Ethereum blockchain. It is denoted in Gwei (sometimes called nanoeth), where a Gwei is equal to one billionth of an ether. When initiating a transaction, the user can define a maximum amount of gas that he wants to spend through the "gas limit" field.
The user said he reached out to Ethermine and its CEO on Twitter, but got no response.
Some commented on reddit about the ability for Metamask to add a second confirmation for users who manually enter much higher fees than recommended by the wallet. "Ledger UI has very high fee alert, something like that should be added to Metamask," commented one developer.
While the payment of $ 9,500 seems like a lot, it's actually not even close to 2020 records. A cryptocurrency exchange sent two consecutive transactions for 0.55 ETH and 350 ETH. Another seemingly human error also resulted in losses: 10,668 ETH, or about $ 5.2 million.
Bitfly, the parent company of the group that mined the block, kept the funds after the exchange was unable to contact them within four days. Additionally, Bitfly said that similar issues will not be subject to future investigations or refunds.