An anonymous user accidentally pays $90,000 for gas for a simple $2,200 transfer in Ethereum. Meanwhile, innovations such as Aleph Zero’s new Ethereum-compatible Layer 2 backbone network and Tether’s educational initiatives in South Africa demonstrate the ongoing efforts to improve blockchain technology and promote its adoption. Additionally, WhiteBIT’s mining pool has quickly become a leading player in the industry, and the growing popularity of Bitget Wallet underscores the ever-increasing demand for convenient, mobile crypto solutions that are focused on the needs of users. All this and more in today’s cryptocurrency news digest.
A $90k Fee for a $2k ETH Transfer
An anonymous user accidentally spent 34 ETH to transfer just over $2,200 in ETH. An unidentified crypto user accidentally spent $90,000 in gas fees on what should have been a simple $2,200 transfer in Ether. According to Etherscan data posted by user DeFiac, the victim spent 34.26 Ether in gas fees ($89,200 at current prices) to transfer 0.87 Ether, which is only $2,262. At the time of publication, gas fees on the Ethereum network are hovering around annual lows of 2 to 4 gwei, meaning an ETH transfer should cost a maximum of $5. In percentage terms, the user overpaid by more than 1,783,900%.
The so-called “fat finger” transactions are not rare in the crypto space. For example, last October, an NFT trader paid 1,055 ETH ($1.6 million at the time) for an NFT worth only $1,000. In April of this year, an OpenSea collector spent 100 ETH ($191,000 at the time) on a free NFT mint, which led to accusations of money laundering. Transfer errors are not only common among trading participants. In May 2021, the Singaporean crypto exchange Crypto.com accidentally sent $7 million to Australian exchange user Thevamanogari Manivel. However, the latter never reported the incident and used the funds to buy a multi-million-dollar mansion in Melbourne, as well as sending about $4 million to a foreign bank account. She was sentenced to 209 days in prison for “trading in the proceeds of crime”.
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Aleph Zero Launches Ethereum L2 Mainnet Based on zkOS
The Aleph Zero blockchain ecosystem has announced the release of a new Ethereum-compatible layer 2 solution on its mainnet. The development intends to interact with the privacy technologies of the zero-knowledge operating system (zkOS) and use the WASM layer 1 based on the blockchain substrate as the Data Availability Layer. Aleph Zero EVM Layer-2, developed in collaboration with Gelato, a leading Rollup-as-a-Service provider, uses Arbitrum Orbit technology to create a highly efficient and fast blockchain solution.
According to the company, faster transactions will be made possible by the new Ethereum Virtual Machine (EVM) layer, resulting in a blocking time of just 250 milliseconds. The new mainnet, which is designed to support the creation of Ethereum-compatible applications, is expected to provide users with an “exceptionally fast and efficient blockchain.”
“Aleph Zero EVM uses Arbitrum Orbits’ advanced web3 scaling stack–with the most performant developer tooling–to create the most advanced privacy-enhancing blockchain infrastructure on the market. Privacy will become a major narrative in 2024 and beyond, as more mainstream use cases emerge,” said Luis Schliesske, Founder of Gelato.
Tether Partners with Crypto Company to Boost Blockchain Education in South Africa
Tether Holdings Ltd., the issuer of stablecoins, has entered into a partnership with Xion Global to develop blockchain education in South Africa. The initiative offers educational resources such as videos, case studies, and interactions with industry leaders focused on cryptocurrency payments. The aim of the collaboration is not only to demonstrate the benefits of payments in stablecoins but also to build trust in digital financial solutions.
Tether said the initiative is in line with its broader goal of making digital asset education accessible to all. Previously, the company sponsored the Africa Tech Summit and the African Bitcoin Conference in Ghana and partnered with Bitnob to train students at Ghanaian universities.
Paolo Ardoino, CEO of Tether, commented on the company’s latest educational program aimed at Africa: “We’re excited about this alliance with Xion Global, which represents a significant step in our commitment to global digital education and the informed use of cryptocurrencies. This collaboration will open new possibilities for financial inclusion and economic empowerment in South Africa.”
Aeryn Quarmby, COO of Xion Global, believes that the partnership with Tether will help residents better understand stablecoin payments. Quarmby noted that the cooperation aims to make digital transactions “as intuitive and reliable as traditional methods”.
WhiteBIT Mining Pool Has Been in the World’s Top 15 Since its Launch
At the beginning of the month, WhiteBIT launched its new product, the WhitePool mining pool, which is designed to provide professional miners with an efficient solution for Bitcoin mining. It is worth noting that immediately after the launch, the product entered the top 15 best mining pools in the world due to its high hashrate and user benefits.
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According to the company, WhitePool’s important distinction is its user-friendly interface and the necessary functionality for monitoring equipment and tracking rewards. It allows you to track the status of equipment and set up notifications about any changes. Usually, to receive a reward, users need to reach a minimum amount in Bitcoin, manually initiate a transfer, wait for processing, and deal with wallets.
The mining pool enables users to automatically receive rewards in the first cryptocurrency to the main balance of the exchange. This means that users do not need to transfer funds on their own, wait for transactions to be processed, and pay network fees. WhitePool also uses the FPPS (Full Pay Per Share) type of reward calculation, which means that funds are credited regardless of whether the block has been found.
Bitget Overtakes MetaMask to Become the Most Downloaded Wallet in July
Bitget Wallet, the cross-chain Web3 wallet formerly known as BitKeep, has reached a major milestone with 30 million users worldwide. Compared to the previous year, this is a 150% increase.
According to a post on 13 August, Bitget Wallet reached the 30 million user mark in July, becoming the most downloaded wallet of the month. It outperformed its competitors such as MetaMask and Trust Wallet, two of the most well-known names in the crypto industry.
According to CryptoRank, the wallet received more than 1.6 million downloads in the Google and Apple app stores in July, overtaking Metamask with 1.5 million downloads. One of the reasons for Bitget’s popularity is its focus on the “mobile experience,” said Alvin Kan, chief operating officer of Bitget Wallet.
“Many Web3 users prefer the convenience of mobile over plugin wallets on computers. Our mobile wallet’s user-friendly design has made it a top choice, with many users opting not to return to traditional wallets,” Kan explained.
Aside from the mobile experience, other factors contributing to the growth of Bitget Wallet, according to Kan, include its cross-chain capabilities, which allow users to send and receive cryptocurrencies, non-fungible tokens (NFTs), and other collectible assets from various blockchains in the industry.
The platform has also seen a surge in activity driven by the popularity of meme coins, which have attracted a new wave of users looking to make money from these volatile assets. Bitget Wallet provides users with useful tools such as smart money tracking on the Solana protocol and the Base chain, allowing them to monitor their transactions across both networks.
Additional features such as automatic slippage, zero gas fees, and an instant trading mode have further enhanced the wallet’s appeal.
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Vladislav Hryniv
Vladislav Hryniv is a digital journalist. For several years, he has worked as a copywriter for Web3 companies, where he gained interest in the industry. Currently, he writes articles on blockchain technology, finance, statistics, and digital asset analytics for various publications.