Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Bitfinex pays over $23 Million gas fees on $100k transaction

Published 09/28/2021, 04:50 AM
Updated 09/28/2021, 02:00 AM
Bitfinex pays over $23 Million gas fees on $100k transaction

Bitfinex pays over $23 Million gas fees on $100k transaction

Popular centralized exchange Bitfinex has reportedly spent over $23 million in fees to send just $100,000 worth of USDT on the Ethereum blockchain.

According to Etherscan, Bitfinex paid a total of 7,676.6 ETH (currently valued at $23.6 million) in what seems to be the most expensive transaction made on Ethereum.

The transaction was performed through the recently implemented EIP-1559, meaning that 0.053 ETH was burned during the transaction.

The intended destination for the funds was DeversiFi’s wallet, a decentralized exchange incubated by Bitfinex. Ironically, DeversiFi promotes a service to “avoid gas costs and frustration, saving you time and money with every trade or swap.”

To put things in perspective, the average transaction fee on the Ethereum blockchain is currently around $39.96. This means the Bitfinex transaction was about 590,000 times higher than the current cost.

The team behind the DEX issued an official response on the matter through their Twitter (NYSE:TWTR) page.

At 11:10 UTC on the 27th September, a deposit transaction was made using a hardware wallet from the main DeversiFi user interface with an erroneously high gas fee. DeversiFi is currently investigating the cause to determine how this occurred and will keep you updated. No customer funds on DeversiFi are at risk and this is an internal issue for DeversiFi to resolve. Operations are unaffected.

Continue reading on BTC Peers

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.