Decentralized cryptocurrency exchange DeversiFi has accidentally attached a transaction fee of nearly $24 million to a cryptocurrency transaction moving $100,000 worth of Tether’s USDT stablecoin.
According to data from Ethereum blockchain explorer Etherscan, DeversiFi paid 7,676.61 ETH then worth nearly $24 million in transaction fees, while the current estimate for an average transaction fee on the Ethereum network if of around 0.0089 ETH, or $26.
The exchange revealed on social media that a “deposit transaction was made using a hardware wallet using the main DeversiFi user interface with an erroneously high gas fee” attached to it. The transaction with the hefty fee was included in a block mined by one of the top 10 Ethereum miners by blocks mined over the last seven days. It may have been the largest transaction fee ever paid in U.S. dollar terms.
DeversiFi has since revealed that the miner of the block that included the transaction returned 7,626 ETH to the cryptocurrency exchange, and is set to publish a post mortem soon.
The blockchain is immutable.
But the revolution we are part of is defined by our values as humans.⁰⁰
Thank you to the miner of block 13307440 who we can confirm is returning 7626 ETH that were incorrectly paid today as a tx fee.
A post mortem will follow tomorrow. https://t.co/FqkEZ9DK8P— DeversiFi 🥷 (@deversifi) September 27, 2021
The transaction was made using the newly implemented EIP-1559 protocol, which was created to make transaction fees on the Ethereum network easier to predict, by creating a basefee that rises with demand and is then burned. The introduction of a burning mechanism in August, at the time of the London hard fork, has seen the network burn over 383,721 ETH.
The accidental transaction fee was included in a transaction from Bitfinex to DeversiFi. Bitfinex and DeversiFi are closely linked, with the latter’s three co-founders having worked at Bitfinex before moving to the decentralized exchange. A link between both exchanges allows users to move USDT at a low cost.
According to Bloomberg, a Bitfinex spokesperson said they are looking “forward to DeversiFi’s investigation.”
Former Wall Street Banker Partners With Ethereum Competitor for New $1,500,000,000 Crypto Fund
A former Citigroup executive is shaking up the crypto investment space with a $1.5 billion venture, partnering with a leading layer 1 altcoin project.
Hivemind Capital Partners is an investment firm founded by Matt Zhang, a 14-year Citigroup Inc veteran. In a press release, Zhang announces Hivemind’s mission to provide solutions to early blockchain entrepreneurs through the creation of a new “tailor-made crypto investment platform.”
“We believe blockchain technology is a paradigm shift, and we are still in the early innings. Our mission is to provide start-to-finish capital and infrastructure solutions to visionary entrepreneurs and category-defining crypto projects.
The traditional asset management model is not designed to do this, which is why we are building a tailor-made crypto investment platform from the ground up that also offers the infrastructure institutional investors need for risk management, compliance and security.”
Hivemind is partnering with payments and decentralized finance (DeFi)-focused blockchain Algorand (ALGO) as a “strategic partner to provide technology capability and network ecosystem infrastructure.”
“We believe that Algorand is the preeminent blockchain protocol that allows institutional and corporate users to connect with the decentralized economy. With the explosive growth of the digital asset space, people tend to forget how early the crypto economy still is. We want to team up with partners who have the patience to build an enduring business.”
However, Zhang notes that Hivemind is exploring partnerships with other layer 1 blockchains as the project progresses.
“We are also in active discussions to form partnerships with a number of other leading layer-1 networks. The goal is to build a multi-chain world to let our investors see the best opportunities across the entire crypto ecosystem.”
ALGO, trading at $1.82 at time of writing, is up nearly 12% on the day. The payments blockchain has interest from other large investors lately, including an endorsement from American financier Anthony Scaramucci last month.
Jack Dorsey Steps Down as Twitter CEO
Jack Dorsey has reportedly decided to step down as the chief executive officer of Twitter.
The price of Twitter shares shot up by double digits as news broke that the CEO of the social media giant – Jack Dorsey – has decided to quit.
- CNBC reported, and later was confirmed by Jack Dorsey himself on twitter, the breaking news about Jack Dorsey’s decision to step down as the chief executive officer of Twitter.
- The news comes as somewhat of a surprise at the moment, given the support Dorsey had. Last year, reports emerged that Paul Singer – billionaire investor and founder of Elliot Management Corp, wanted to replace Dorsey.
- Shortly after, though, it became clear that he will remain at his position, which was regarded as positive news for Bitcoin supporters since Dorsey is among the most well-known proponents of the primary cryptocurrency.
- In the past, he has repeatedly outlined BTC’s merits and even suggested during the 2021 Bitcoin Conference that he would quit being the CEO of Twitter and Square if BTC needed him, which raises the question of whether he has done precisely that.
- Nevertheless, there will be many questions inside the community about what will happen to the relationship between Twitter and Bitcoin. The social media giant has been highly supportive of the cryptocurrency, including allowing BTC tips.
- Separately, the news about Dorsey’s stepping down as Twitter CEO propelled a price surge for the company’s shares, which opened 10% higher than the last close.
MicroStrategy Buys $414 Million Worth of Bitcoin
MicroStrategy has announced another massive Bitcoin purchase
Business intelligence firm MicroStrategy has wowed the cryptocurrency community with yet another massive Bitcoin purchase.
The company announced Monday that it had bought an additional 7,008 Bitcoins at an average price of approximately $59,187 per coin since the beginning of October.
MicroStrategy’s Bitcoin riches have now swelled to 121,044 coins, whose average purchase price is $29,534.
The company currently holds roughly 0.64% of Bitcoin’s total circulating supply.
Bitcoin did not budge on the announcement as it continues to flatline just above the $57,000 level.
As reported by U.Today, the flagship cryptocurrency has managed to partially recover from the violent sell-off that took place on Monday.