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)
The 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.
Alex Dovbnya
Arman Shirinyan
