October 21, 2021

A Crypto Investor

Just another Crypto Guys Blog

The SushiSwap Buyback Sender Spent a Jawdropping 500 ETH ($182k) in Fees

SushiSwap’s pseudonymous lead developer, NomiChef, returned to the scene of the project last week, promising to return $14 million worth of ETH that he drained from the project’s treasury for personal interests. The plan was to spend the returned funds to buy back the project’s native token, SUSHI, and restore faith that investors had in the developing project.

However, although the SUSHI buyback process was completed successfully today, observers spotted an abnormality in one of the transactions from the buyback address. In an apparent mistake, the sender had spent 500.2 ETH (appr. $183,000) in fees for a single transaction.

Coinfomania has reported several cases of Ethereum transactions that spent a ridiculous amount in fees either due to technical or human error. However, the fact that the latest error comes from the staple of a sender who is likely an experienced ‘Ethereum user’ highlights the double-edged nature of cryptocurrency transactions.

Meanwhile, it is vital to note that there is a possibility of recovering the excess ETH spent on the transaction. Ethermine.org, the Ethereum mining firm that confirmed the transaction received the excess ETH in what is an apparent oversized block reward (504.8ETH), could choose to refund the sender once they can verify their ownership of the address.

SUSHISWAP ($SUSHI) Price Performance

Despite the $14 million buyback of SUSHI tokens, the price of the DeFi-focused coin has struggled to record new gains.

sushiswap price charts

Sushiswap All-time Price Action (Source: CoinMarketCap)

At the time of writing, SUSHI has lost %25 of its price value in the last 24 hours, leaving the coin a massive %98.9 off its all-time high price of $168 recorded few hours before the founder’s earlier exit on August 28. Only time will reveal whether or not the project gets at riding the DeFi wave.

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Original Article
Author: Wilfred Michael