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: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
  • 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: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Insanity: Ethereum Wallet Pays Nearly $575,000 in Fees to Transfer $25 in ETH

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read
ethereum blockchain

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.

Strange things occur in the cryptocurrency market. Prices spike following negative news, and positive news is met with a strong sell-off. Cryptocurrency exchange founders are accused of faking their own deaths and making off with their customer’s assets. But not much is stranger than seeing someone pay over $300,000 in fees to send a mere fifteen bucks worth of Ether.

Recent transactions have been discovered on the Ethereum blockchain that show a transaction for 0.1 Ether, valued at approximately $14.80 at the time the transaction was sent by paying 2,100 ETH in fees.

Mysterious Ethereum Account Sends 0.1 Ether, Pays 2,100 ETH in Fees

The cryptocurrency community is running wild with speculation as to why a mysterious Ethereum wallet sent 0.1 ETH while paying an astronomical 2,100 ETH in fees. The fees total over $302,000 at today’s Ethereum price of $144, while the Ether itself that was sent is just a measly $14.40.

https://twitter.com/AlecZiupsnys/status/1097876988835102720

At first glance, the sender appears to have made a user error, incorrectly swapping the transaction fee with the full value they were attempting to send. Crypto users commonly make mistakes when sending crypto to one address to another, occasionally even sending crypto to the wrong asset type or wallet address. It’s the reason it is always recommended users double- and even triple-check the receiving address before hitting send and signing a transaction.

Related Reading | Crypto Analyst: Investing in Ethereum Could Be More Profitable Than Bitcoin

Taking a journey down the rabbit hole of an Ethereum wallet, keen-eyed crypto users discovered that this wasn’t the only transaction like this example. In just one day, the wallet address sent 0.170000000000000002 ETH or roughly $24, for a total of 3990.00000000000004 ETH in fees. The fees total nearly $575,000 at today’s prices.

The account either has money to burn, is driven by a malfunctioning bot, or potentially has an ulterior motive. What that motive is, though, is yet to be understood, however, crypto sleuths everywhere are on the case.

Are the Strange Ethereum Transactions Tied to Money Laundering?

Some speculate that the high amount of fees are being used to launder money in some way. The Twitter account for the decentralized exchange Saturn Network explains how the transaction fees could be used to wash dirty funds so they appears as “honest miner income.”

that's money laundering. You do not broadcast this tx, you mine the block with this tx yourself. Once the block is included in the blockchain it is no longer dirty stinky stolen ether. It is honest miner income.

— Saturn Network (@SaturnProtocol) February 20, 2019

The transaction wasn’t publicly broadcasted, which could suggest that the block the transaction was in was mined by a complicit miner.

Related Reading | Etheruem Rally Takes a Break, Still Bullish Above $144

Whatever the case may be, the wallet is either sending these transactions on purpose for one reason or another – potentially to launder money – or is repeatedly making some extremely expensive mistakes. One thing is for sure: these transactions were sent with some of the fastest speeds the Etheruem blockchain has seen.

Featured image from Shutterstock
Tweet123Share261ShareSend
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

Solana

Analyst Sets Bold $1,314 Target For Solana After Cup-And-Handle Breakout

A cryptocurrency analyst has pointed out how Solana may be moving toward a sky-high main target based on a cup-and-handle...

Keshav Verma 11 hours ago
bitcoin

Bitcoin Breaks Above Mid-Term Holder Breakeven – Is A Fresh Rally Brewing?

Bitcoin (BTC) has surged from around $108,000 on September 1 to above $115,000 at the time of writing – recording...

Ash Tiwari 12 hours ago
Chainlink

Chainlink And Polymarket Forge New Alliance: LINK Forecasted To Outperform XRP By 2030

Chainlink (LINK), one of the crypto market’s leading providers of decentralized oracle solutions, has announced a partnership with the prediction...

Ronaldo Marquez 13 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

Aave price

AAVE Price Reclaims $320 As TVL Metric Shows Positive Divergence — What’s Next?

Opeyemi Sule 2 hours ago
Dogecoin

Dogecoin In Buy Zone: Bulls Eye $0.34 As Immediate Target

Semilore Faleti 4 hours ago
Solana, Monero, SUI, pump.fun, chainlink

Solana Eyes Massive Breakout Amid $240 Retest, But Analyst Issues Crucial Market Warning

Rubmar Garcia 9 hours ago

Premium Sponsors

Press Releases

  • ドージコイン 今後の展望:ビットコイン提携とETF開始で次の暗号資産の巨人となるか

    ドージコイン...

    5 hours ago
  • 鯨が一晩で4,000万XRPを売却、リップル 今後は3ドルのサポートを維持できるか

    鯨が一晩で4,000万XRPを売却、リップル...

    5 hours ago
  • 暗号資産トレジャリーの苦境とQ4に狙う仮想通貨プレセール

    ...

    6 hours ago
  • 10月に上昇が期待される仮想通貨おすすめ6選

    ...

    6 hours ago
  • 新しい仮想通貨が投資家を最速で億万長者に導く ― 既存の「買うべき仮想通貨」を超えて

    ...

    6 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.