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Litecoin (LTC) User Pays 200 LTC Fee to Transfer Slightly Under 9 LTC
Recently, a Litecoin user has made a transaction to send 8.88 LTC (slightly under $1,000). The network fee he had to pay for it was huge – a bit more than 200 LTC, though. That is $20,500.
Strange spike in LTC transaction fees
The news was reported by Litecoin.com, the Chinese mining pool LTC.Top included the expensive transaction into the block 1636831 and verified it, taking the abnormally big fee.
Instead of paying a regular fee of about $0.05 on the LTC network, the user had to pay $0.70 – a fee which miners collected in late 2017 when LTC was at the peak of its peak price at $400.
After that LTC and other altcoins lost 80 percent of their value along with Bitcoin.
The fee per kB totalled 83.23080000 LTC ($7,297.68)
The fee per kWU totalled 20.80770000 LTC ($1,824.42)
The fee per kVB equalled 83.23080000 LTC ($7,297.68)
Yuri MolchanThe abnormal fee should be returned
The transaction turned out to be a consolidation of funds. Since the first appearance of this address on the network, it has conducted slightly under 2,600 transactions with LTC.
Since funds are often added and removed from this address, Litecoin.com believes that it is a corporate wallet. Litecoin.com reports that most likely the accident was a pure error either based on human behaviour or on software error.
The website urges readers to reach out to the LTC.Top mining pool and get them to return the fee to the transaction maker.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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