A recent case of a massive fee error on the Bitcoin network has left users shocked and caused significant financial losses. A user paid a transaction fee of 0.99 BTC, equivalent to about $105,000 or Rp1,749,000,000, for transferring only $10 or about Rp166,690. The error occurred due to a manual setting on the user’s crypto wallet, which mistakenly set a large fee instead of using automatic fee estimation.
This incident is not an isolated case; historical data shows that similar errors have resulted in significant financial losses for users. In 2023, a user paid a fee of 83.65 BTC or more than $8.7 million-equivalent to about Rp139,019,430,000-for a similar error. Another notable incident in 2021 saw transactions on the Ethereum network with $24 million in accidental fees.
Experts advise users to enable automatic fee estimation features on their cryptocurrency wallets and understand how the “change” and “output” fields work in crypto transactions to avoid such mistakes. Users can also perform trial transfers of small amounts before transferring large funds to minimize potential losses.
While large, this incident serves as an important lesson for traders and investors. To stay informed about crypto and blockchain technology, follow us on Google News and check the latest information on Bitcoin and other crypto asset prices through Pintu Market.
Source: https://pintu.co.id/en/news/227781-3-fatal-mistakes-that-make-crypto-transactions-lose-millions-number-2-once-reached-rp139-billion