Someone spent over 23 Etherum in fees to get just $120 through Metamask

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3 years ago

Those who use tools like Metamask to perform transaction on Etherum blockchain tend to run into few failures at some point with most likely majority getting caught out at the early steps of their journey, however some get caught out at a bit latter stage by which time they accumulate enough funds that a little slip up can result in a really miserable loss.

  • The story of how someone lost almost $9,500 worth of Etherum at the time starts with an initial transaction through Metamask to the Uniswap V2 contract which has been rejected due to being out of gas. The transaction has resulted in a relatively small fee of 0.0056 Ether ($2.48)

    • Presumably the user has triggered a transaction with Metamask's default transaction fees configuration at the time which would not have been enough for the interaction with a smart contract.

  • After the initial transaction has failed the person would look for a solution to make the transaction possible with most likely coming across a top google search hit for the out of gas fees error with an article highlighting a story of increasing the gas limit to 200,000 which effectively solves the issue

  • The sad part of the story is the modification of the wrong parameter by the user of Metamask, with modification of the gas price to 200,000 rather than the gas limit resulting in a hefty transaction fee of 23.5 Ether ($9,448) in exchange for 531 Chi Gastoken (CHI)  ($121)

 

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