The CTO of Ripple offers explanations for the strange 20 XRP charge linked to an enigmatic 410M XRP transaction that sparked speculation.
The peculiar circumstances of an unexpected and large-scale XRP transaction have generated a great deal of interest among the XRP Army. David Schwartz, Chief Technology Officer of Ripple, has responded to the development by providing further information to help understand the specifics of the transactions.
Pro-XRP cryptocurrency enthusiast Saul, in particular, recently shared his finding on X while examining XRP Scan, a well-known XRPL explorer.
Ripple CTO’s Response to 410M XRP Transfer with Unusual Gas Fee,Ripple CTO’s Response to 410M XRP Transfer with Unusual Gas Fee
On October 11, he claimed to have observed the activation of an XRP address. But what really caught his attention was the startling 410 million XRP that was added to the freshly formed wallet, along with a charge.
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Specifically, a unique transaction charge of 20 XRP was applied to the transfer of 410 million XRP, which was worth at almost $203 million. The fact that 20 XRP was used to pay for petrol aroused suspicions because the typical XRP transaction cost is only 0.00001 XRP.
Consequently, Saul alerted the XRP community to the problem. He contacted XRP Ledger validator Vet with his question.
Saul questioned, “Is it typical for a payment like this to have a 20 XRP fee?” Vet retorted that there should be no 20 XRP charge on a 410 million XRP transaction. “That seems excessive,” he said.
Ripple CTO Examines
The CTO of Ripple was also drawn to the message and offered his thoughts on the unusual transaction. In particular, Schwartz brought out the potential for a mistake.
He suggested that the sender could have intended to put the charge at 20 drops but, perhaps as a result of an error in calculation, ended up making it a million times higher. Keep in mind that 10 drops correspond to the usual transaction charge of 0.00001 XRP.
To put things in perspective, a transaction involving XRP does not need the purchase of a whole unit. The lowest unit of measurement for XRP is DROP, with 1 XRP being equivalent to 1,000,000 drops.
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In the meanwhile, XRP Scan’s official X account clarified the meaning behind the enigmatic transaction cost. XRP Scan indicates that the sender could have used a 20 XRP transaction fee in an attempt to empty their account completely. The sentence said:
“They’re attempting to burn up account reserve in order to get their account balance to zero. Most likely ignorant of the AccountDelete transaction and the revised account reserve requirement.
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