An unknown person paid $2.5 million in Ethereum transaction fees just to send 0.55 ETH. This wallet still has over $10 Million worth of Ethereum. The majority of the funds are heading towards the fees in a nefarious manner, why did a transaction worth only $600 pay $2.5 million in fees? Is this a coding mistake or a purposely driven scheme to launder money for Russian oligarchs?
This happened in Jun 10th of 2020, however it looks like no one is talking about it. You can see the transaction here: Ethereum Transaction Hash (Txhash) Details | Etherscan
These transactions are a requiring problem in the crypto space. Former professor at Cornell University and founder of AVA Labs Dr. Emin Gün Sirer says “An explanation could be that miners are laundering money by whitewashing “dirty” coins through transaction fees, turning them into clean tokens.” Now it is clear that this is money laundering of some kind however not so clear if this has anything to do with Russian Oligarchs. All we could say in this matter is that it makes the crypto space look bad to big institutions and even to the average joe around the globe.