Ethereum User Pays $700K in Fees for Zero-Value Transaction

An anonymous Ethereum user recently paid an enormous transaction fee of 288 ETH, valued at over $700,000, according to blockchain tracker Whale Alert.

What makes this case even more unusual is that the transaction itself transferred zero ETH to the receiving address, while the entire amount was spent on gas fees.

Typically, high gas fees occur during periods of heavy network congestion or market volatility, but Ethereum’s fees have remained relatively low in 2024, largely due to activity shifting to layer-2 networks after the March Dencun upgrade.

This upgrade significantly reduced gas costs and made fees more predictable, thanks to Ethereum’s revamped fee structure introduced by EIP-1559 in 2021.

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While it’s unclear why the user paid such an exorbitant fee for a null transaction, speculation has arisen about whether it was a simple mistake or something more malicious.

According to blockchain expert MevRefund, there’s a possibility the transaction was the result of a hack, with the attacker intentionally burning the stolen ETH by paying an inflated fee.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.