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High Gas Fees Alert: Binance Wallet Records $840,000 in Abnormal Ethereum Charges

The Ethereum (ETH) network witnessed an unusual spike in gas fees on Thursday, with a massive influx of over 140,000 transactions being directed to a wallet tagged as “Binance 14” on Etherscan.

Contrasting the network’s typical gas fee which averaged about 10 gwei, the transactions targeting Binance’s wallet consistently forked out fees upwards of 300 gwei. This is approximately 30 times the standard fee.

Data from Etherscan on September 22nd showed these heightened Ethereum transaction fees. This sudden surge in gas fees briefly inflated costs across the Ethereum network, leading to users facing significantly higher charges for their transactions.

Binance confirms ‘routine consolidation of ETH’

In a recent media statement, Binance acknowledged the origins of the transactions, describing them as a “routine consolidation of ETH.”

The exchange’s spokesperson commented, “Any influence on gas prices was unintended but promptly addressed.”

These transactions, in sum, consumed over 530 ETH, which is roughly valued at $840,000 in gas fees. This surge momentarily positioned Binance as the premier gas spender on the Ethereum platform.

Since its inception, this particular wallet address has accrued a staggering $95 million in transaction fees, encompassing both incoming and outgoing transactions.

Community reacts

The episode garnered significant attention from the community on X, with various perspectives emerging in discussions. One user attributed it to a consolidation “from long-dormant deposit addresses.”

Alternative theories and opinions abounded. For example, Martin Köppelmann, the co-founder of DeFi protocol Gnosis, posited that Binance might be employing “an exceedingly inefficient script,” or alternatively, “there might be underhanded dealings afoot.”

Furthermore, a segment of the community directed criticism at Binance’s wallet team, labeling their engineers as “inept.”

One commentator noted, “A detailed report will be published soon. It’s likely that someone faced consequences for this oversight,” suggesting a potential internal action within the Binance team.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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