NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Why Did This Crypto User Spend $2.5 Million In Ethereum Fees To Send 0.5 ETH?

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
ethereum

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

This morning, Ethereum network fees surged to over $2.6 million in a single hour. The spike in the metric was primarily due to one actor sending just 0.55 ETH, but paying over $2.5 million in USD value to do so.

Was this a costly mistake this user crypto user won’t soon forget, or is there something else more sinister at play?

Ethereum Fees Spike To $2.6 Million In a Single Hour Due To Just One Transaction

Ethereum, like many cryptocurrency networks, requires a small fee paid through a portion of the protocol’s native crypto token to send transactions. These transaction fees typically are worth just a fraction of the cost of the total token’s value.

But according to data from crypto analytics firm Glassnode, Ethereum fees skyrocketed to over $2,631,000 in one hour alone.

Related Reading | Ethereum’s Best Use Case Goes Parabolic, DeFi Users Double in 6 Months 

The unusual blip in the data prompted an investigation into why the hourly transaction fees rose so suddenly and by such a drastic amount.

Blockchain transactions are completely transparent and have revealed that a user mistakenly sent 0.55 ETH – valued at roughly $133 – for 10,668.73185 ETH. The staggering transaction fee is the USD equivalent of $2,592,000.

#Ethereum fees shot up to $2,631,127 within a single hour.

Historically, this is by far the highest value we've seen.

This increase was due to a single Tx that spent 2.5 million USD in fees to transfer 0.55 $ETH.

Tx ID: https://t.co/Loerq8gTZU

Chart: https://t.co/240DVD0pmt pic.twitter.com/jEk4bgiKIb

— glassnode (@glassnode) June 10, 2020

Costly Cryptocurrency User Error, Or Money Laundering On The Blockchain?

Cryptocurrency users were quick to point out this user’s costly mistake, however, could there be something more at play?

When making any cryptocurrency transaction, especially when sending between wallets, it is important to double and even triple check things like addresses and the amount and fee fields.

Clipboard malware exists that swaps out crypto addresses when pasted into the recipient field.

User error very well could have led to this user spending $2.5 million in fees just to send slightly over half of an Ethereum token, but anyone with that level of wealth invested into cryptocurrencies isn’t likely a fool who is soon departed from their money, as the saying goes.

Related Reading | Global Macro Investor: Explosive Ethereum Upmove Above $300 Clears Path to $500 ETH

For that large a sum of Ethereum holdings, the user is likely an early supporter or high wealth individual. And while that doesn’t mean they can’t make mistakes just like everyone else, that theory becomes less likely due to the size of the crypto holdings sent.

Internet sleuths have quickly jumped on the case, and offer up a variety of theories. One theory, suggests that the user is actually a hacker who is washing the ETH in some way.

The argument here is that why would any criminal so brazenly wash cryptocurrency using a transparent address and do so in a manner that raised this many red flags?

The answer could be truly anything, and due to the somewhat anonymous nature of cryptocurrencies like Ethereum, we likely won’t ever know the true answer to why this occurred.

Tweet123Share209ShareSend
Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

Close

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Trump

WLFI Slides 15% After Launch As Trump Token Team Eyes Burn Strategy

World Liberty Financial’s Trump-linked WLFI token plunged in price after a high-profile debut, prompting its backers to propose an aggressive...

Christian Encila 5 hours ago
Ethereum Demand Spikes As Whales Add 260K ETH In 24 Hours

Ethereum Demand Spikes As Whales Add 260K ETH In 24 Hours

Ethereum is facing a pivotal moment as it struggles to hold above the $4,400 level after several days of heavy...

Sebastian Villafuerte 6 hours ago

Joe Lubin, Co-Fondatore ETH: “Probabilmente Ethereum farà 100x”

Il co-fondatore di Ethereum e CEO di ConsenSys, Joseph Lubin, ha acceso il dibattito su ETH il 30 agosto con...

clararosati 9 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

ethereum

Ethereum’s Latest Rally Fueled By Large-Scale Binance Orders, Analyst Says

Ash Tiwari 37 minutes ago
Bitcoin

Metaplanet Becomes A Global Bitcoin Powerhouse with 20,000 BTC Hoard, More Buys Ahead?

Godspower Owie 1 hour ago
Ethereum

Ethereum Price Stuck In ‘Loading Phase’, What This Means For The Campaign For $5,000

Scott Matherson 3 hours ago

Premium Sponsors

Press Releases

  • 12億ドルの売り越し、市場は調整局面に突入か?

    イーサリアム...

    1 hour ago
  • ビットコイン...

    1 hour ago
  • シバコイン 今後の行方

    シバコイン...

    2 hours ago
  • パイネットワーク...

    2 hours ago
  • 1 najbolja kriptovaluta za kupiti prije nego što poraste za 3.536%, prema Cathie Wood (ARK Invest)

    1 najbolja kriptovaluta za kupiti prije nego što poraste...

    3 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.