Bitcoin Fat Finger Large Fee - Revision history

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bitcoinfatfingerlargefee.php}} {{Unattributed Sources}} Bitcoin TalkA transaction was sent on the bitcoin blockchain with a fee of 1.99555451 BTC, which was worth close to $8k at the time. The value being transferred in the transaction was very small. This is a global/international case not involving a specific country.
2023-09-01T16:01:36Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bitcoinfatfingerlargefee.php}} {{Unattributed Sources}} thumb|Bitcoin TalkA transaction was sent on the bitcoin blockchain with a fee of 1.99555451 BTC, which was worth close to $8k at the time. The value being transferred in the transaction was very small. This is a global/international case not involving a specific country.<ref name="bitcoinerx-11489" /><ref name="bitco..."

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{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bitcoinfatfingerlargefee.php}}
{{Unattributed Sources}}

[[File:Bitcointalk.jpg|thumb|Bitcoin Talk]]A transaction was sent on the bitcoin blockchain with a fee of 1.99555451 BTC, which was worth close to $8k at the time. The value being transferred in the transaction was very small.

This is a global/international case not involving a specific country.<ref name="bitcoinerx-11489" /><ref name="bitcoinerxarchive-11490" /><ref name="redditold-11491" /><ref name="blockchaindotcom-11492" /><ref name="blockchaindotcomarchive-11493" />

== About Bitcoin ==
"Just after 3:30 pm on Monday, someone sent 0.0002 BTC ($0.77) over the network with a staggering transaction fee of 1.99555451 BTC ($7,720.51).

The transaction is one of just two associated with the Bitcoin address. The first was an incoming transaction a few hours earlier for 1.99576 BTC. There is no indication that there was any illicit intent behind the transaction, so for right now the assumption is that it was simply user error.

‘Fat Finger’ Points Out Flaw in Crypto Ecosystem
Assuming that this is an actual case of ‘fat fingering’ (do NOT search for this on Google Images – you have been warned), this incident – and others like it – highlights a serious problem in the way in which we send cryptocurrencies from wallets. If these kinds of mistakes can be made by seasoned crypto users and developers, what are the chances of a new user making a similar mistake?

I can’t even close Microsoft Word without an alert popping up asking me if I want to save my work before I shut down, yet I can send large sums of cryptocurrency – worth thousands or even millions of dollars – over the blockchain with nary an alert to be found."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Bitcoin Fat Finger Large Fee
!Date
!Event
!Description
|-
|March 11th, 2019 9:47:39 AM MDT
|Blockchain Transaction
|The bitcoin is transferred on the blockchain.
|}

== Technical Details ==
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

== Total Amount Lost ==
The total amount lost has been estimated at $8,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
The total amount recovered is unknown.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?
== Individual Prevention Policies ==
{{Prevention:Individuals:Placeholder}}

{{Prevention:Individuals:End}}

== Platform Prevention Policies ==
{{Prevention:Platforms:Placeholder}}

{{Prevention:Platforms:End}}

== Regulatory Prevention Policies ==
{{Prevention:Regulators:Placeholder}}

{{Prevention:Regulators:End}}

== References ==
<references><ref name="bitcoinerx-11489">[https://bitcoinerx.com/opinion/fat-finger-strikes-again-0-78-in-bitcoin-sent-with-7828-transaction-fee/ https://bitcoinerx.com/opinion/fat-finger-strikes-again-0-78-in-bitcoin-sent-with-7828-transaction-fee/] (Oct 15, 2022)</ref>

<ref name="bitcoinerxarchive-11490">[https://web.archive.org/web/20201107223605/https://bitcoinerx.com/opinion/fat-finger-strikes-again-0-78-in-bitcoin-sent-with-7828-transaction-fee/ Fat Finger Strikes Again! $0.78 in Bitcoin Sent with $7828 Transaction Fee » BitcoinerX] (Aug 21, 2023)</ref>

<ref name="redditold-11491">[https://old.reddit.com/r/btc/comments/b0pbdj/fat_finger_strikes_again_078_in_bitcoin_sent_with/eigbxiw/ f7ddfd505a comments on Fat Finger Strikes Again! $0.78 in Bitcoin Sent with $7828 Transaction Fee] (Aug 21, 2023)</ref>

<ref name="blockchaindotcom-11492">[https://www.blockchain.com/explorer/transactions/btc/ed60ee49f6b8b35cd7790c307916c847a033358c0c2c83c2b0d4ea654155ba5b Transaction: ed60ee49f6b8b35cd7790c307916c847a033358c0c2c83c2b0d4ea654155ba5b | Blockchain.com] (Aug 21, 2023)</ref>

<ref name="blockchaindotcomarchive-11493">[https://web.archive.org/web/20201111205339/https://www.blockchain.com/btc/tx/ed60ee49f6b8b35cd7790c307916c847a033358c0c2c83c2b0d4ea654155ba5b Transaction: ed60ee49f6b8b35cd7790c307916c847a033358c0c2c83c2b0d4ea654155ba5b | Blockchain Explorer] (Aug 21, 2023)</ref></references>