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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Failed Transactions: You Won’t Believe How Much Users Have Lost

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Ethereum

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The Ethereum network has usually been criticized for the number of failed transactions that occur on it and how it leads to users losing their money as a result of this. This onslaught was recently renewed after a figure in the crypto community showed the staggering amount that has been lost from failed transactions.

ETH Users Lose Over 100,000 To Failed Transactions

In a post on his X (formerly Twitter) platform, the Marketing and Communications Director of Blockstream, Fernando Nikolić, shared a screenshot that showed that Ethereum users had lost over $100,000 due to failed transactions. Interestingly, the $100,000 value happened to be only for the top 10 transactions in the screenshot, with Nikolić noting that there were other ones.

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From the screenshot, one can see how a particular user lost over $38,000 in gas fees from a single transaction. The second user on the list lost over $17,000 in gas fees, with others on the list also losing thousands of dollars in gas fees despite the fact that the transaction failed. Usually, gas fees paid on the Ethereum network are gone forever, irrespective of whether the transactions succeed or fail. 

Noteworthily, eight out of the transactions from the screenshot occurred back in May during the period of the frenzy around the meme coin PEPE, which caused an unusual surge in traffic on the Ethereum network.

Failed transactions are known to occur rampantly during such periods because a surge in activity on the network leads to a significant increase in gas fees, with some users falling short of the required gas fee (at the point of executing their trade) needed to process a transaction, which causes it to fail. 

Ethereum price chart from Tradingview.com

ETH price steady at $1,880 | Source: ETHUSD on Tradingview.com

Coordinated Attack On Ethereum?

In his post, Nikolić referred to the failed transactions on the Ethereum network as “hot garbage.” Although his post could just be about a concerned member of the crypto community calling out the network, it bears mentioning that he happens to be the second Bitcoin maximalist calling out the network in the space of a week. 

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Another Bitcoin maximalist, Bit Paine, had earlier suggested that the network was a scam. The crypto pundit hinted that the Ethereum network has helped facilitate the creation of several “digital penny” stocks, which he also referred to as unregistered securities. 

However, both statements could be unrelated and simply two astute members of the Bitcoin community, showing why they believe Bitcoin remains supreme. 

At the time of writing, Ethereum is trading above $1,800, up in the last 24 hours, according to data from CoinMarketCap. 

Featured image from BlockWorks, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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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

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