December 9, 2022
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DeversiFi explains what caused the $23 million transaction fee on Ethereum

Non-custodial exchange DeversiFi – whose wallet was involved in the $23.5 million Ethereum (ETH) transaction – explained what happened.

DeversiFi explains what caused the $23 million transaction fee on Ethereum, according to report:

“Underlying issues in the EthereumJS (JavaScript) library that coincide with changes in gas rates associated with the EIP-1559 update in some circumstances can lead to extremely high rate transactions.”

In addition, Ledger hardware wallets may display rates in a manner not readable by humans.

They added that only wallets with a “very large amount of funds” would be affected, while the rest would see a failed transaction.

During the root cause investigation, the team performed simulated dumps using Ledgers to replicate the problem. They found that “when gas and priority rates were calculated and then converted into a large number object. As the last blocks are used to predict priority rates, the calculation may result in one decimal place.. ” The EthereumJS library does not support decimal values, so this would lead to an error – but “as the value was converted to a buffer first, no error handling was triggered.”.

As an example, they gave the pass a value of 33974230439.550003, which would define an integer 35624562649959629 – potentially six orders of magnitude larger than intended.

“DeversiFi is actively engaged with the Ethereum and Ledger community to fix issues that may have contributed to this occurrence.”

Said the report, adding that:

“EIP-1559 does not protect against accidental overspending.”

As reported, crypto exchange Bitfinex paid $23.5 million (ETH 7,676.61) in transaction fees for a transfer of about $100,000 in tether (USDT) over the Ethereum network. One day later, the miner for that block returned all funds, minus 50 ETH  given as the return rate.

Rotkiapp founder Lefteris Karapetsas described reading this autopsy as “horrible“.

“The fact that this can happen shows how crypto UX [experiência do usuário] and priorities are broken,” he said.

Source: CryptoNews

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