ETH Gas Fee Soars to 222 Gwei as Binance Consolidates ETH Wallets By CoinEdition

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ETH Gas Fee Soars to 222 Gwei as Binance Consolidates ETH Wallets

Cryptocurrency Dec 10, 2022 08:00AM ET

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ETH Gas Fee Soars to 222 Gwei as Binance Consolidates ETH Wallets

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Ultrasound.Money data shows that the ETH gas fee has soared to 222 Gwei.
The increase happened as Binance began its proof-of-reserve checks for Ethereum.
A global audit firm confirmed Binance has more BTC to protect customer deposits.

Data from Ultrasound.Money, an analytic firm tracking the Ethereum (ETH) blockchain activities, shows that the ETH gas fee has soared to 222 Gwei in the last 24 hours. Collin Wu media believe the unprecedented increase happened as the largest crypto exchange, Binance, began its proof-of-reserve checks for Ethereum tokens.

It added that Binance consolidated ETH tokens from multiple addresses to its hot wallet labelled Binance14 for its next POR verification stage, pushing the network’s gas fee high.

The Ethereum Gas fee once soared to 222 Gwei, as binance consolidated funds from countless deposit addresses to the Binance14 hot wallet in preparation for the next stage of POR check. Binance has completed its BTC reserve and is starting an ETH check. https://t.co/Tan4AEjNMn
The post ETH Gas Fee Soars to 222 Gwei as Binance Consolidates ETH Wallets appeared first on Coin Edition.

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ETH Gas Fee Soars to 222 Gwei as Binance Consolidates ETH Wallets

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