It would be safe to say that a user of Ethereum is in a corner possibly estimating his loss. This is likely to happen because the Ethereum system charged him a high fee.
He was charged a whopping 2100 ETH just to transfer $14 worth of ETH Cryptocurrency. Though some individuals are taking it as a mistake, however something else proves otherwise.
The user in question has a very active account. This means there is a very slim chance of such a mistake to occur. Using the recent rate, the transaction cost which is roughly $300000 is a huge sum.
With such an amount, it is highly unlikely that it would take up to $14 to transfer to a different wallet. This news has left the Cryptocurrency sphere to think hard.
What Does The Cryptocurrency Sphere Think?
The question on everyone’s lips is how possible is it for the Ethereum network could charge such a large amount for a very small transaction. Users of the Cryptocurrency community under Reddit have been deliberating on the problem.
Meanwhile, some individuals are of the opinion that the current issue may likely be as a result of an error in the wallet user interface. It was from this interface the cash was sent.
For others, they are of the opinion that may be a prospective attempt to engage in money laundering. This is because, on further investigations, the same wallet had transferred a similar volume in fees.
And so, the little transaction amount could most possibly be an ordinary formality. A Twitter user tried to explain what could have possibly happened.
According to his hypothesis, the transaction was executed as a form of laundering money probably via a mining operation. This is due to the fact that the exact account was seen to have formerly transferred yet another huge amount.
Additionally, the sum that is being sent from the exact account to another may likely be used to cover up the main origin of the money. Although, some people have said it is not possible.
It is impossible because there is a huge risk that the miners will not be able to mine successfully. Therefore, their money will be lost to another person.
However, whatever may have caused the issue has created a problem for the Ethereum system and the whole Cryptocurrency industry. It may actually be a new way to launder cash via Cryptocurrency.
This will only confirm the claims that Cryptocurrencies can be used for money laundering and to facilitate diverse crimes.
To Wrap It Up
In addition to all these happenings, an investigation may have to be carried out to find out the actual situation. This investigation is to be done so that such an issue will not come up again.
Moreover, if it is actually a method to execute money laundering, swift measures must be taken to disrupt such activity. Now, the main question is, are the miners aware of all these or are they shocked like us?