Bobos & Wojaks

Get Rich Or Die Tryin

Failed Payment Cost An Ethereum User $424,000 In Transaction Fees

Only a few weeks after DeversiFi’s error, in which it paid $23.7 million in a single transaction fee (which was thankfully recovered by the miner later), another massive transaction fee was spent by mistake. And, while $424,000 is a drop in the ocean compared to DeversiFi’s pricing, it’s still a massive error.

 

It appears that the person who paid the fee was attempting to participate in a Strips token sale on the MISO launchpad, SushiSwap’s newly formed token sale platform. However, the token auction was so competitive that it sold out in six seconds, with 14 addresses scooping up all of the tokens.

 

During the rapid sale, the participant attempted to gain an advantage by using Flashbots. Flashbots is a communication mechanism between Ethereum users and miners that allows them to essentially bribe miners to obtain precedence in newly produced blocks, which can give a significant advantage in a highly competitive auction.

 

However, it appears that something went wrong. Transactions involving flashbots are expected to be kept private until they are included in a block. However, it appears that the transaction made its way into the public mempool in this situation. When typical Ethereum transactions are broadcast to the network, they are first stored in the public mempool before being included into blocks.

Only a few weeks after DeversiFi’s error, in which it paid $23.7 million in a single transaction fee (which was thankfully recovered by the miner later), another massive transaction fee was spent by mistake. And, while $424,000 is a drop in the ocean compared to DeversiFi’s pricing, it’s still a massive error.

 

It appears that the person who paid the fee was attempting to participate in a Strips token sale on the MISO launchpad, SushiSwap’s newly formed token sale platform. However, the token auction was so competitive that it sold out in six seconds, with 14 addresses scooping up all of the tokens.

 

During the rapid sale, the participant attempted to gain an advantage by using Flashbots. Flashbots is a communication mechanism between Ethereum users and miners that allows them to essentially bribe miners to obtain precedence in newly produced blocks, which can give a significant advantage in a highly competitive auction.

 

However, it appears that something went wrong. Transactions involving flashbots are expected to be kept private until they are included in a block. However, it appears that the transaction made its way into the public mempool in this situation. When typical Ethereum transactions are broadcast to the network, they are first stored in the public mempool before being included into blocks.