DeversiFi Explains What Caused $ 23 Million Transaction Fee on Ethereum

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Non-depositary exchange DeversiFi – whose portfolio was involved in the Ethereum (ETH) transaction that cost $ 23.5 million – explained what happened.

Through the report, “underlying issues in the EthereumJS (JavaScript) library coinciding with the gas charge changes associated with the EIP-1559 upgrading under certain circumstances can lead to transactions with extremely high fees.

Furthermore, register hardware wallets may display charges in a non-human readable manner.

They added that only wallets with a “very large amount of funds” would be impacted, while others would see a failed trade.

During their root cause investigation, the team made fictitious deposits using ledgers to reproduce the issue. They found that “when gasoline and priority charges were calculated and then converted to a large number of objects. Since the last blocks are used to predict priority charges, the calculation could result in a decimal digit. The EthereumJS library does not support decimal values, so that would then lead to an error – but “since the value was converted to a buffer first, no error handling was triggered.”

As an example, they gave a value of 33974230439.550003, which would define an integer 35624562649959629 – potentially six orders of magnitude higher than expected.

“DeversiFi is actively engaging with the Ethereum community and Ledger to correct any issues that may have contributed to this event,” the report said, adding that: “EIP-1559 does not protect against accidental overspending.”

As reported, crypto exchange Bitfinex paid 23.5 million USD (7,676.61 ETH) in transaction fees for a transfer of nearly 100,000 USD in tie (USDT) via the Ethereum network. A day later, the miner in that block returned all funds minus 50 ETH given as return shipping costs.

Rotkiapp founder Lefteris Karapetsas described the reading of this autopsy as “horrible”. “The fact that this can happen shows how broken crypto UX is [user experience] and the priorities are, ”he said.

Find out more:
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Friday the 13th Strikes: Crypto Exchange employee blunders $ 82,000
Ethereum users flock to Arbitrum in search of scalability

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