🤯🤯 BTC user pays a whopping $3.1M fee for 139 BTC Transfer 🤯🤯
A Bitcoin user made an enormous blunder on November 23, 2023, by paying a staggering $3.1 million in transaction fees to transfer a mere 139.42 BTC. This exorbitant fee, equivalent to over half the actual value of the transferred BTC, ranks as the eighth-highest in Bitcoin's 14-year history.
The BTC wallet address bc1qn3d…wekrnl attempted to transfer 139.42 BTC to bc1qyf…km36t4, but the transaction ended up costing far more than anticipated. The destination address received only 55.77 BTC, while the mining pool Antpool pocketed the remaining 83.7 BTC, a hefty sum worth approximately $3.1 million at the time.
Social media users speculated that the sender might have unintentionally selected the high transaction fee. However, further investigation revealed that the replace-by-fee (RBF) node policy and the sender's lack of awareness also contributed to the exorbitant fee.
RBF enables the replacement of an unconfirmed transaction in the mempool with a different transaction that carries a higher transaction fee, expediting its clearance. The mempool serves as a queue where all BTC transactions await approval and inclusion in the Bitcoin blockchain.
A mempool developer, mononaut, thinks that the sender of a transfer did not realize that RBF orders can't be canceled. The sender may have tried to cancel the transaction by repeatedly replacing the fees, which ended up increasing the fees by 20% (an additional 12.54824636 BTC).
Mononaut drew parallels between this incident and the Paxos case, where a user mistakenly paid a $1.2 million transaction fee. However, Mononaut cautioned that the likelihood of Antpool returning the funds hinges on their own payout policies, which could influence their obligations in sharing transaction fees with their miners.
Antpool has yet to issue a statement or respond.
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