The Most Expensive Transaction on Ethereum Cost USD 23.5 Million

The Most Expensive Transaction on Ethereum Cost USD 23.5 Million

Today, crypto exchange Bitfinex paid USD 23.5m (ETH 7,676.61) in transaction fees for a transfer of close to USD 100,000 in tether (USDT) via the Ethereum (ETH) network, according to public transaction data on Etherscan.

The transfer was made at 11:10 UTC on Monday, and appears to have been sent from a wallet controlled by Bitfinex to a wallet belonging to DeversiFi, a non-custodial exchange spun off from Bitfinex in 2019.

“In transactions such as these, the fees are shouldered by third-party integrations with Bitfinex. This has also been confirmed by DeversiFi in their recent statement. We look forward to DeversiFi’s investigation and to their having this matter sorted on their side,” a spokesperson for Bitfinex told Cryptonews.com.

DeversiFi confirmed that “a deposit transaction was made using a hardware wallet from the main DeversiFi user interface with an erroneously high gas fee.” Per the company, they are “investigating the cause to determine how this occurred […] ,” while adding that no customer funds are at risk.

Judging from transaction data on Etherscan, the USDT transfer was made using the new EIP-1559 standard, which – among other things – is intended to improve the estimation of transaction fees on the network.

The transaction was made with what is possibly the largest transaction fee ever to be paid in crypto. Other incidents in the past include a USD 5.3m transaction fee paid on Ethereum by the small Korean P2P exchange Good Cycle. 
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Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

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Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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