Trader Rants on Reddit after Overpaying 23 Ether for a Transaction Worth only $20 on Uniswap

News • 2020/11/06 • tarafından

One of the traders on Uniswap claimed his life had been destroyed after making the mistake of paying $9,500 instead of paying $120.

On the 5th of November, A Uniswap trader and Redditor confused the gas limit for gas price and paid 23 ETH for just $120 trade. The fee is mistakenly paid more for the gas limit input field instead of the Gas Price.

Major update

An impatient trader laments after losing $9500 on transaction fee for a $120 Uniswap trade.

The unfortunate trader caused himself by setting an excessive gas price.

The Uniswap transaction occurred on MetaMask.

The community is calling for safety features that will prevent future occurrences.

The trader made a mistake on the popular decentralized exchange, Uniswap, which isn’t in charge of the ERC-20 token. It was an obvious mistake because the blockchain automatically generates the network fee for every transaction. He

Redditor think MetaMask can avoid such mishaps if they have a second confirmation stage after manually entering their gas fees.
It will be nice if there are warnings to make users know if they are going beyond the limit needed to be inputted.

The trader says that iff MetaMask can do the gas price calculations, nothing stops them from giving a second confirmation to keep people safe.
Cointelegraph also reported some similar cases in June when users spent $2.6 million for a $130 transaction.

Do you think these platforms need to implement the second confirmation strategy? Share your opinion in the comment box.

Yorumlar (6)

Misafir

visiblemoney

6 yıl önce

The platform really need to do that as a matter of urgent demand. The traditional financial institutions have recovery mechanisms in place for fairness and transparency why not in crypto that is build on extensive tech.

omogbai

6 yıl önce

thanks. the first 2 have been dropped from what i can see. Last one is still pending. I'm guessing it might stay that way for a few days with how high the congestion is right now. hope I don't have to pay a huge fee to cancel it.

exodusab

6 yıl önce

It's been this way since last night, in fact it's gotten worse. I can't trade in or out of anything. I thought $10 worth of eth was a decent reserve for gas but I guess I was wrong. It's depressing.