Trader Pays $105,000 Fee on $10 Bitcoin Transfer
A Bitcoin trader accidentally paid a $105,000 transaction fee while sending just $10 worth of BTC. The fee was set to 0.99 BTC instead of a few cents. The transaction was sent to the crypto exchange Kraken and confirmed on the blockchain.
Typically, Bitcoin transaction fees range from a few dollars up to $10, depending on network traffic. In this case, the large fee was due to a manual error in the wallet’s fee setting.
Mining Pool Keeps the Fee
The mistaken fee was more than 100,000 times higher than usual. Experts warn that manually adjusting fees can lead to costly mistakes. Once a Bitcoin transaction is confirmed, it can’t be reversed.
The mining pool that confirmed the block kept the entire fee. Occasionally, miners have returned accidental fees, but this is rare and slow.
Similar errors have happened before. In 2023, a user paid 83.64 BTC (about $8.7 million) by mistake. Paxos, the mining company involved, later refunded the amount. In 2021, an Ethereum user accidentally paid $24 million in fees, most of which was returned.
Lessons and Bitcoin Market Update
This case shows the risks of using decentralized crypto systems. There is no customer support or reversal option like traditional banks have. Users must carefully verify transaction details before confirming.
Bitcoin remains stable near $104,000 after the incident. Analysts watch support levels between $55,000 and $80,000. Resistance lies around $108,000 to $111,000, with a breakout above $116,000 possibly signaling a bull run.
As Bitcoin adoption grows, users must handle transactions with care. One misplaced zero can cause huge financial loss in the crypto world.
