User Pays $2.6 Mil in Transaction Fees to Send $134 of Ether

Written by:
Aaron Goldstein
Published on:

Wynn reportedly is in good hands, even as the worldwide pandemic rages on.  Forbes estimates that "it may take until Q3/Q4 for the demand slump to recover, which could reduce the company’s revenue by at least 30% from $6.6 billion to $4.2 billion.

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(Wynn) has already reported a 42% decline in revenue in the first quarter of 2020. Unlike other companies in the U.S. that are likely to face maximum impact in Q2, Wynn suffered in Q1 because of the closure of Macau, which accounts for 69% of revenue. April and May saw the sharpest y-o-y fall for Macau casinos but sales are improving sequentially. For the full year, we expect Wynn’s revenues to remain at least 30% below 2019 levels as travel remains subdued, casinos operate at lower capacity to maintain safety norms, and people avoid crowded places - which casinos can very well be. While China has reported control over Covid-19 cases, Macau casinos can close again if there is a second wave.

A record ethereum transaction fee has been paid today: $2.6 million to transfer $134. 

The user probably mixed up the fields on the value of the transfer and the fee, eventually paying 10,668 ETH in fees, or $2.6 million, on a transaction mined by Sparkpool. 

A nightmare come true, the customer sent 0.55 ether, worth $133.95, according to a record of transactions broadcast on the Ethereum (ETH) network. The money was sent to an address on the South Korean crypto exchange Bithumb. 

The funds may be lost forever. Most blockchains are built to prevent transactions from being reversed once the sender confirms it. 

- Aaron Goldstein, Gambling911.com

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