According to a tweet by an XRPL dUNL validator, VET, a transaction mistakenly incurred approximately 26,000 XRP in fees for a transfer of only 0.15 XRP. The transaction, dated August 31, 2024, was uncovered using the advanced search feature of XRPScan, a platform that allows users to explore detailed transaction data.
This incident highlights the risks of errors in automated processes involving cryptocurrencies, as even a minor mistake can lead to significant financial loss. In this particular case, the substantial fee paid on the transaction is a technical malfunction, possibly caused by a faulty script.
2 Weeks ago someone paid accidentally ~26k #XRP in fees for a 0.15 XRP Payment 😬
Found via the advanced search of XRPScan ❤️ pic.twitter.com/yQlSDpH1LD
— Vet 🏴☠️ (@Vet_X0) September 16, 2024
Details of the Transaction
The transaction in question was processed successfully on ledger index 90,428,776 with a source account, associated with Coincheck, a Japanese cryptocurrency exchange, which had transferred a minuscule amount of 0.15 XRP.
While the payment was completed, the fee was disproportionately large, which drew the attention of XRPScan users and XRPL validators monitoring transaction activity on the ledger.
An X user by the name of Abbadon.x responded to the initial tweet, questioning how such an error could occur. In response, the VET account replied, suggesting that it was likely a developer error, with the script responsible for managing the transaction “bugging out” due to bad code.This explanation points to a technical fault rather than a flaw in the XRP ledger or its protocols, emphasizing that such occurrences are preventable with proper handling of code and transaction settings.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Mitigating Risks with Verified Platforms
In their reply, VET further clarified that such errors could be avoided by using trusted platforms that integrate advanced safeguards for transactions.
For example, platforms like Crossmark, Xaman, and Coinbase provide more user-friendly interfaces and tighter controls that minimize the risk of setting incorrect transaction fees.
These platforms have built-in mechanisms to ensure that users do not accidentally input excessive fees, reducing the likelihood of such mistakes.This incident shows the importance of selecting the right tools and platforms during cryptocurrency transactions. For individuals who are less technically inclined or using automated scripts, opting for well-established exchanges and custodians with reliable transaction systems is a prudent step to avoid costly mistakes.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
