Binance Wallet Spends Over $1 Million In Gas Fees In One Day

2y ago•

bullish:

bearish:

Binance-linked wallet was observed to spend over $1 million in gas fees in one day.
A venture capital firm partner attributed the accident to the exchange’s “super shitty tech.”
He questioned if Binance is capable of handling billions of dollars worth of coins across chains.

Earlier today, venture capital firm, Cinneamhain Ventures’ partner, Adam Cochran tweeted that Binance‘s gas expenditures amounted to nearly $1 million in just one day. According to data from Etherscan, Ethereum network transaction fees observed a significant surge, ranging from a minimum of 6 gwei, worth approximately $0.17, to a peak of 332 gwei, almost $11.2 per transaction. Moreover, this sudden rise was linked to activities tried with a wallet owned by Binance, identified as “Binance 14.”

Binance spent almost $1m on gas, paying up to 300 gwei when it was under 9 gwei, on tx.

The great thing about this, is the benign explanation is they have super shitty tech.

Which doesn’t bode well for a company that claims to have never been exploited, be capable of merkle… https://t.co/CXODwJ3I8v
— Adam Cochran (adamscochran.eth) (@adamscochran) September 21, 2023