The decentralized nature of blockchain offers many advantages, but also requires due diligence from the user. After all, there is no central party that can intervene in the event of incorrect transactions.
A crypto user discovered this the hard way after he accidentally paid $15,288 in transaction fees for a transfer of just 0.15 XRP, worth $0.088.
The mistake was made by an unknown user who wanted to transfer his XRP to Japanese exchange Coincheck. It was discovered by a validator on the XRP Ledger who tracked down the unusual transaction via XRPScan.
Reason for the error
The cause of the error may be a bug in the transaction input. Normally, transaction fees on the XRP network are extremely low, which is one of the reasons for the network’s popularity. Typically, the fee is around $0.0002 per transaction.
In this case, however, the user paid a whopping 7,620,999,900% more than the normal rate. This highlights the importance of carefully checking transaction details and fees before confirming the transaction.
How can you avoid these kinds of mistakes?
These types of issues can often be avoided by using non-custodial wallets. These wallets give users full control over their private keys and funds. They also often provide a clear summary of the transaction, including the associated transaction fee, before the user confirms the payment. This makes it easier to spot and correct errors, such as an incorrectly entered transaction fee amount, in time.
Similar cases
Unfortunately, such mistakes are not uncommon in the crypto world. Recently, an Ethereum (ETH) user paid 34.62 ETH in fees for a 0.87 ETH transaction. Two years ago, another user made a similar mistake and paid 121.56 ETH in transaction fees for a 183 ETH transfer.
Source: https://newsbit.nl/gebruiker-maakt-dure-fout-betaalt-26-000-xrp-aan-transactiekosten-voor-overboeking-van-0088/
