{"id":559733,"date":"2023-11-08T16:00:52","date_gmt":"2023-11-08T16:00:52","guid":{"rendered":"https:\/\/wncen.com\/?p=559733"},"modified":"2023-11-08T11:53:53","modified_gmt":"2023-11-08T11:53:53","slug":"ethereum-failed-transactions","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-failed-transactions\/","title":{"rendered":"Ethereum Failed Transactions: You Won’t Believe How Much Users Have Lost"},"content":{"rendered":"

The <\/span>Ethereum network<\/span><\/a> has usually been criticized for the number of failed transactions that occur on it and how it leads to users losing their money as a result of this. <\/span>This onslaught<\/span><\/a> was recently renewed after a figure in the crypto community showed the staggering amount that has been lost from failed transactions.<\/span><\/p>\n

ETH Users Lose Over 100,000 To Failed Transactions<\/h2>\n

In a <\/span>post<\/span><\/a> on his X (formerly Twitter) platform, the Marketing and Communications Director of Blockstream, Fernando Nikoli\u0107, shared a screenshot that showed that <\/span>Ethereum<\/span> users had lost over $100,000 due to <\/span>failed transactions<\/span><\/a>. Interestingly, the $100,000 value happened to be only for the top 10 transactions in the screenshot, with Nikoli\u0107 noting that there were other ones.<\/span><\/p>\n

Related Reading: XRP News: Ripple CEO Teases Major Announcements At Swell Event<\/a><\/div>\n

From the screenshot, one can see how a <\/span>particular user<\/span><\/a> lost over $38,000 in gas fees from a single transaction. The second user on the list lost over $17,000 in gas fees, with others on the list also losing thousands of dollars in gas fees despite the fact that the transaction failed. Usually, gas fees paid on the <\/span>Ethereum network<\/span><\/a> are gone forever, irrespective of whether the transactions succeed or fail.\u00a0<\/span><\/p>\n

Noteworthily, eight out of the transactions from the screenshot <\/span>occurred back in May<\/span><\/a> during the period of the frenzy around the <\/span>meme coin PEPE<\/span><\/a>, which caused an unusual surge in traffic on the Ethereum network.<\/span><\/p>\n

Failed transactions are known to occur rampantly during such periods because a surge in activity on the network leads to a significant increase in gas fees, with some users falling short of the required gas fee (at the point of executing their trade) needed to process a transaction, which causes it to fail.\u00a0<\/span><\/p>\n

\"Ethereum<\/p>\n

ETH price steady at $1,880 | Source: ETHUSD on Tradingview.com<\/a><\/pre>\n
Coordinated Attack On Ethereum?<\/h2>\n
In his post, Nikoli\u0107 referred to the failed transactions on the Ethereum network as \u201chot garbage.\u201d Although his post could just be about a concerned member of the crypto community calling out the network, it bears mentioning that he happens to be the <\/span>second Bitcoin maximalist<\/span><\/a> calling out the network in the space of a week.\u00a0<\/span><\/p>\n
Related Reading: Cardano (ADA) 50-Week EMA Flashes Bullish, Is $0.45 On The Way?<\/a><\/div>\n
Another Bitcoin maximalist, Bit Paine, had earlier suggested that the <\/span>network was a scam<\/span><\/a>. The crypto pundit hinted that the Ethereum network has helped facilitate the creation of several \u201cdigital penny\u201d stocks, which he also referred to as <\/span>unregistered securities<\/span><\/a>.\u00a0<\/span><\/p>\n
However, both statements could be unrelated and simply two astute members of the Bitcoin community, showing why they believe <\/span>Bitcoin remains supreme<\/span><\/a>.\u00a0<\/span><\/p>\n
At the time of writing, Ethereum is trading above $1,800, up in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n
Featured image from BlockWorks, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Ethereum network has usually been criticized for the number of failed transactions that occur on it and how it leads to users losing their money as a result of this. This onslaught was recently renewed after a figure in the crypto community showed the staggering amount that has been lost from failed transactions. ETH Users Lose Over 100,000 To Failed Transactions In a post on his X (formerly Twitter) platform, the Marketing and Communications Director of Blockstream, Fernando Nikoli\u0107, shared a screenshot that showed that Ethereum users had lost over $100,000 due to failed transactions. Interestingly, the $100,000 value happened to be only for the top 10 transactions in the screenshot, with Nikoli\u0107 noting that there were other ones. Related Reading: XRP News: Ripple CEO Teases Major Announcements At Swell Event From the screenshot, one can see how a particular user lost over $38,000 in gas fees from a single transaction. The second user on the list lost over $17,000 in gas fees, with others on the list also losing thousands of dollars in gas fees despite the fact that the transaction failed. Usually, gas fees paid on the Ethereum network are gone forever, irrespective of whether the transactions succeed or fail.\u00a0 Noteworthily, eight out of the transactions from the screenshot occurred back in May during the period of the frenzy around the meme coin PEPE, which caused an unusual surge in traffic on the Ethereum network. Failed transactions are known to occur rampantly during such periods because a surge in activity on the network leads to a significant increase in gas fees, with some users falling short of the required gas fee (at the point of executing their trade) needed to process a transaction, which causes it to fail.\u00a0 ETH price steady at $1,880 | Source: ETHUSD on Tradingview.com Coordinated Attack On Ethereum? In his post, Nikoli\u0107 referred to the failed transactions on the Ethereum network as \u201chot garbage.\u201d Although his post could just be about a concerned member of the crypto community calling out the network, it bears mentioning that he happens to be the second Bitcoin maximalist calling out the network in the space of a week.\u00a0 Related Reading: Cardano (ADA) 50-Week EMA Flashes Bullish, Is $0.45 On The Way? Another Bitcoin maximalist, Bit Paine, had earlier suggested that the network was a scam. The crypto pundit hinted that the Ethereum network has helped facilitate the creation of several \u201cdigital penny\u201d stocks, which he also referred to as unregistered securities.\u00a0 However, both statements could be unrelated and simply two astute members of the Bitcoin community, showing why they believe Bitcoin remains supreme.\u00a0 At the time of writing, Ethereum is trading above $1,800, up in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image from BlockWorks, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":559744,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,89213,1946,89911,7931,87350,8686,78803],"class_list":["post-559733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-news","tag-ethereum","tag-ethereum-failed-transaction","tag-ethereum-news","tag-ethereum-transactions","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Failed Transactions: You Won't Believe How Much Users Have Lost<\/title>\n<meta name=\"description\" content=\"The Ethereum network has usually been criticized for the number of failed transactions that occur on it and users losing their money.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Failed Transactions: You Won’t Believe How Much Users Have Lost","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-failed-transactions\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-failed-transactions\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Ethereum-Small-1.jpeg?resize=200%2C180","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Ethereum-Small-1.jpeg?fit=320%2C180"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","eth news","ethereum","ethereum failed transaction","ethereum news","ethereum transactions","ethusd","ethusdt"],"dateCreated":"2023-11-08T16:00:52Z","datePublished":"2023-11-08T16:00:52Z","dateModified":"2023-11-08T16:00:52Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Failed Transactions: You Won’t Believe How Much Users Have Lost\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-failed-transactions\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-failed-transactions\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Ethereum-Small-1.jpeg?resize=200%2C180\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Ethereum-Small-1.jpeg?fit=320%2C180\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"eth news\",\"ethereum\",\"ethereum failed transaction\",\"ethereum news\",\"ethereum transactions\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2023-11-08T16:00:52Z\",\"datePublished\":\"2023-11-08T16:00:52Z\",\"dateModified\":\"2023-11-08T16:00:52Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Ethereum-Small-1.jpeg?fit=320%2C180","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/559733"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=559733"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/559733\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/559744"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=559733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=559733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=559733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}