{"id":64599,"date":"2023-09-23T14:37:51","date_gmt":"2023-09-23T18:37:51","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/binance-wallet-records-840000-in-abnormal-ethereum-charges\/"},"modified":"2023-09-23T14:37:55","modified_gmt":"2023-09-23T18:37:55","slug":"binance-wallet-records-840000-in-abnormal-ethereum-charges","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=64599","title":{"rendered":"Binance Wallet Records $840,000 in Abnormal Ethereum Charges"},"content":{"rendered":"<div>\n<p>The Ethereum (ETH) network experienced a surge of abnormally high gas fees on Thursday, with over 140,000 transactions directed to a wallet address labeled by Etherscan as \u201cBinance 14.\u201d<\/p>\n<p>While the Ethereum network&#8217;s average gas fee hovered around 10 gwei, Binance\u2019s transactions consistently paid fees exceeding 300 gwei, or around 30 times higher than what was needed.<\/p>\n<p>300 gwei equals around $10.<\/p>\n<p>The extraordinary expenditure resulted in a temporary spike in gas fees on the Ethereum network, with users incurring substantial costs for sending transactions.<\/p>\n<h2>Binance confirms \u2018routine consolidation of ETH\u2019<\/h2>\n<p>Binance has confirmed in a media statement that the transactions were initiated by them, calling it a \u201croutine consolidation of ETH.\u201d<\/p>\n<p>\u201cAny impact to gas prices was unintentional but quickly resolved,\u201d a spokesperson for the exchange said.<\/p>\n<p>In total, the transactions drained more than 530 ETH, equivalent to approximately $840,000 in gas fees, briefly making it the largest gas user on the Ethereum network.<\/p>\n<p>Over the course of its lifetime, the wallet address is responsible for $95 million in transaction fees, including both inbound and outbound transactions.<\/p>\n<h2>Community reacts<\/h2>\n<p>The incident was widely shared among community members on X, with one user saying it was a consolidation \u201cfrom long-inactive deposit addresses.\u201d<\/p>\n<figure class=\"media\"><oembed data-embedo-height=\"400\" data-embedo-url=\"https:\/\/twitter.com\/0xScopescan\/status\/1704799448294175173\" loading=\"lazy\"><\/oembed><\/figure>\n<p>Others also offered their take on the unusual transactions, with for instance Martin K\u00f6ppelmann, co-founder of DeFi protocol Gnosis, suggesting that Binance is either using \u201ca really inefficient script\u201d or that \u201csomething fishy is going on.\u201d<\/p>\n<figure class=\"media\"><oembed data-embedo-height=\"400\" data-embedo-url=\"https:\/\/twitter.com\/koeppelmann\/status\/1704800453001634145\" loading=\"lazy\"><\/oembed><\/figure>\n<p>Lastly, some community members blamed Binance\u2019s wallet team for the glitch, calling the team\u2019s engineers \u201cincapable.\u201d<\/p>\n<p>\u201cThey will release a case report soon. And likely someone got fired,\u201d the user added.<\/p>\n<figure class=\"media\"><oembed data-embedo-height=\"400\" data-embedo-url=\"https:\/\/twitter.com\/ciaobelindazhou\/status\/1704819860339925333\" loading=\"lazy\"><\/oembed><\/figure>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/high-gas-fees-alert-binance-wallet-records-840000-abnormal-ethereum-charges.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ethereum (ETH) network experienced a surge of abnormally high gas fees on Thursday, with over 140,000 transactions directed to a wallet address labeled by Etherscan as \u201cBinance 14.\u201d While the Ethereum network&#8217;s average gas fee hovered around 10 gwei, Binance\u2019s transactions consistently paid fees exceeding 300 gwei, or around 30 times higher than what [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":64600,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-64599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance Wallet Records $840,000 in Abnormal Ethereum Charges | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The Ethereum (ETH) network experienced a surge of abnormally high gas fees on Thursday, with over 140,000 transactions directed to a wallet address\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=64599\" \/>\n<meta property=\"og:locale\" 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