“Fat Finger” Sees $9,500 In Ethereum Lost On $120 Trade

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Last Updated on 6 November 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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At the beginning of immensely popular trading movie The Wolf of Wall Street, actor Matthew McConaughey explains some of the secrets of Wall Street to newbie trader Leonardo DiCaprio. As the two are sitting in a bar, McConaughey states that trading will make you slightly mad and there will always be mistakes, so… You gotta stay relaxed.

YouTube video

Even though the scene is supposed to be comedy, he is in fact very right.

Because of the immense stress that traders are under and the time it takes to react to market variances, from time to time human error can cause a sometimes costly mistake, known as a fat finger because the explanation is that your finger pushed the number too many times or you put too many zeros in where you shouldn’t have.

Financial history is steeped in these fat finger trades, and any search will easily provide you with a top five or top ten.

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Ethereum fees

By now, as the cryptoshere action heats up and prices are skyrocketing once again (Bitcoin broke through $15k yesterday), it was only a matter of time before someone reported a fat finger error in the cryptosphere are well.

This was indeed what happened to an anonymous trader who paid $9,500 in fees for an Ethereum transaction originally worth $120.

On Reddit, user ProudBitcoiner stated:

Help needed! I payed 23.5172 ETH ($9500) for $120 Uniswap transaction by mistake from ethtrader

He mistakenly wrote 200000 in the Gas Price field in stead of the Gas Limit field in MetaMask. Normally, the Gas Limit field is populated automatically based on your transaction, but this time it was empty. Other users are saying that the should have been a warning from MetaMask and are advocating to build this in the next version of the app.

So far, Ethermine has not come to the man’s rescue, but other crypto fans were quick to consolidate him, saying:

Post this on twitter. Not just a message to them. I will upvote it for you. Sorry for your loss. If ethermine is looking to generate some good publicity they may help you out. Btw metmask definitely should not allow this to happen. There should be a warning you have to confirm through for a gas fee over a certain amount.