Ether User Pays Outrageous $704,000 Transaction Fee To Transfer 0 ETH

In a surprising turn of events, an unknown Ethereum user has paid a shockingly huge fee for a single transaction. According to blockchain data tracker Whale Alert, a fee of 288 ETH worth $704,067 has just been paid for a single transaction.

What is, however, unusual for this higher-than-average transaction cost, is that the anonymous user ended up sending nothing to the receiving wallet. According to Etherscan data, the wallet transferred 0 ETH to the receiving address, while spending a ridiculously high 288 ETH in gas fees.

Fat Finger Error?

Gas fees on the Ethereum network often soar due to network congestion during times of high market volatility, especially when prices skyrocket.

However, in 2024, ether transaction fees have stayed relatively low, with activity shifting away from Ethereum’s base layer to its layer-2 network after the March Dencun upgrade. Since Dencun, average gas costs on Ethereum have decreased dramatically.

It’s also worth mentioning that Ethereum’s fee structure, which entails a frequently adjusted base fee, results in fluctuations in gas prices. Implemented in August 2021, Ethereum Improvement Proposal (EIP) 1559 overhauled the Ethereum fee market mechanism by making gas prices more predictable.

The upgrade made Ethereum transactions more efficient by utilizing a system of block-based base fees and sender-specified maximum fees instead of bidding on gas prices. This predictability reduces the possibility of users overpaying or underpaying while making transactions.

As of publication time, the exact reasons why a user would pay $700,000 for a null transaction remain unknown. It’s possible that the user accidentally overpaid the gas fees.

Not Always A Fat Finger

However, it’s worth pointing out that while the weird transaction could have been a mistake, it could’ve also been a hack.

According to MevRefund, a white hacker and blockchain surveyor, the owner of the Ethereum tokens in the transaction had likely been compromised by nefarious actors.

MevRefund alluded that the hacker deliberately paid the absurd transaction cost, as they basically sought to burn the stolen ETH.