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MetaMask Users Should Avoid this Costly Mistake

Metamask

A uniswap trader has accidentally paid over 23 Ethers in fees for a transaction. Reddit user named ProudBitcoiner shared his predicament for others as a warning.

Help needed! I payed 23.5172 ETH ($9500) for $120 Uniswap transaction by mistake from ethtrader

According to the user, this is what happened: “Metamask didn’t populate the “Gas Limit” field with the correct amount in my previous transaction and that transaction failed, so I decided to change it manually in the next transaction (this one), but instead of typing 200000 in “Gas Limit” input field, I wrote it on the “Gas Price” input field, so I payed 200000 GWEI for this transaction and destroyed my life.” 

The user has paid over $9500 for a $120 transaction.

Uniswap, being a non-custodial wallet, lets users transact directly from their wallets.

This freedom comes at a price.  Users are responsible for how the transactions take place including the fees they set while transacting.

There may not be a recourse to this mistake though.  Ethermine had earlier clarified that they will distribute all of the transaction fees to the miners irrespective of the amount involved.

How to avoid costly mistakes like these?

Familiarize with updates

Whenever there are system updates, it is possible that the fields have been moved and some new functionality introduced.

It always pays to familiarize with updates.

As the user in this incident explains “I never had a problem with Metamask populating “Gas Limit” field, it was always accurate, I almost forgot that it exist, because I know Metamask will take care of it. This happened with Metamask 8.1.2. I installed this version few day ago,” it was purportedly an oversight caused by the upgrade changes.

Double-check your entries

Being impatient is usually a bad thing when making financial decisions and it is even more so when you are dealing with self-governed trading places like Uniswap.

Be careful while transaction and always re-check before committing.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

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