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Bitfinex crypto exchange accidentally sends $24 million worth of Tether in ‘fat finger error’

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A Hong Kong-based cryptocurrency exchange, Bitfinex, recovered Tether cryptocurrency worth $22 million (about Rs 163 crore) that was accidentally spent. Earlier this week, Bitfinex mistakenly paid $24 million (about Rs 178 crore) while sending $100,000 (Rs 74.2 million) of ether. The actual fee was only $33 (approximately Rs 2,449). The amount was deducted from one of Bitfinex’s mail wallets. People are calling this phenomenon the classic ‘fat finger’ error.

“A deposit transaction was performed using a hardware wallet from the main DeversiFi user interface on September 27,” news portal TheBlockCrypto quoted a DeversiFi spokesperson as saying.

The massive Tether transaction was transferred to an unknown high-ranking Ethereum miner, who returned the amount.

While the exact cause of this error is unknown, DeversiFi claims to have started an investigation into the matter.

It is also unclear what will happen to the balance in excess of $2 million (approximately Rs 15 crore) that has still not been refunded to Bitfinex’s cryptocurrency wallet.

Meanwhile, as reported by Business Insider, this blockchain network has seen an increase in Ethereum transaction fees following heavy usage.

In June 2020, two Ethereum transactions collectively added up to $5.2 million in gas charges (approximately Rs 38.6 crore).


Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on technology and telecommunications for the past three years and will focus on writing about all things crypto. In addition, she is a major sitcom nerd and often answers in Chandler Bing and Michael Scott references. For suggestions or queries you can contact him at Radhika p@ndtv.com. more

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