Tuesday, February 25, 2020

Mining Pool Receives $139,000 as Reward for Returning Accidentally Sent Ethereum

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

Finally, why $300,000 was paid as transaction fee for sending just $14 worth of Ethereum has been revealed. The transaction which occurred on February 19 got the attention of cryptocurrency investors and websites since it was one of a kind. Nonetheless, Sparkpool, an Ethereum mining pool which received the mining reward has come forward to state why it was so, reports Coindesk on March 11.

Sparkpool Was the Recipient of 2,100 Ethereum

Based on the report, Sparkpool was the recipient of the 2,100 Ethereum (over $300,00) which an anonymous user sent as a transaction fee for transferring 0.1 Ether (valued at $14.71 at that time). The user had also made several transfers where the fee was extremely high for sending a very small amount of Ether.

According to Sparkpool, the sender had contacted them via Email on February 25 to say it was sent in error. The mining pool’s response was for the sender to make another transaction of 0.022517 ETH ($2.99) from the same Ethereum address to the pool’s address.

A few hours later, the requested amount was sent which can be traced on Etherscan, Ethereum’s blockchain blockexplorer. Sparkpool revealed that the sender is from a blockchain firm in South Korea and they had come to an agreement which will allow for the funds to be resent.

Sender’s Gratitude to Sparkpool

Another transaction on Etherscan shows that the user sent 0.666 ETH to Sparkpool with the message, “Thank you Sparkpool and your miners for helping us to recover our loss, we are willing to share half of 2,100 ETH with the miners to thanks the miners’ integrity.” It can be assumed that splitting the funds is the terms the user had to agree to in order to get back the money.

In line with that, Sparkpool who had earlier frozen the funds, resent 1,050 ETH to the anonymous sender. Based on the current market value of Ethereum, that amount of coins is valued at about $139,000. It is also remarkable that such an amount was sent as a reward for the company’s honesty.

Honesty Even in the Face of Crime in the Crypto Community

Given the level of crime in the industry in terms of phishing attacks, exchange hack, SIM swap, malware mining, and several others, it is worthy to note that there are still honest cryptocurrency enthusiasts out there. A Twitter user, Hodlonaut began the Bitcoin Lightning torch trend on January 19 to show the integrity of the community.

Here, the user sent 100,000 satoshis (about $3.88) using Bitcoin’s lightning network to a random person. The recipient was also asked to add 10,000 sats ($0.38) to what was received before sending to another person. So far, the torch has passed through the hands of people in over 43 countries. But then, it wasn’t without glitches given that one of the holders of the torch had seized it for a while.

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