CryptoMediaClub
Saturday, July 19, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Ethereum

Binance wallet spends almost $1M in ETH gas fees in one day

22.09.2023
A A
0
124
VIEWS
ShareShare

A crypto wallet belonging to trading platform Binance has spent 530 Ether (ETH), worth around $843,797, in gas fees in just 24 hours, according to blockchain data explorer Etherscan.

On Sept. 21, gas fees on the Ethereum network went from a minimum of 6 gwei (around $0.17) to a maximum of 332 gwei (around $11.20) per transaction. The spike in gas prices was attributed to the Binance wallet, called “Binance 14.”

30-day gas usage chart for the Binance crypto wallet. Source: Dune Analytics

Community members expressed their opinions on the huge gas fees spent by the exchange. Web3 investor Belinda Zhou described Binance’s engineers as “incapable” and said they got the configuration wrong and set the gas allowance too high.

Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, believes that the unusual gas fees resulted from substandard APIs. The executive criticized the exchange’s technology and doubted its ability to keep “hundreds of billions in coins across multiple protocols” safe.

Meanwhile, Binance reportedly said that it carried out its wallet aggregation process when gas fees were low to ensure the safety of user funds.

Cointelegraph reached out to Binance for comment but did not get an immediate response.

Related: CZ post on X about Ceffu and Binance.US contradicts SEC claims, adds to confusion

Binance has constantly been on critics’ radar, as it remains entangled in controversies amid its legal battle with the United States Securities and Exchange Commission. On Sept. 21, the exchange’s CEO, Changpeng Zhao, refuted a report that he loaned $250 million from BAM Management, a firm that acts as the holding company of the exchange’s U.S. counterpart. According to Zhao, the loan was the other way around, with him lending the funds to the company.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Binance’s exec exodus, Nasdaq to trade AI orders and SBF loses bail appeal: Hodler’s Digest, Sept. 3-9

Share10Tweet6ShareSharePin2

Related Posts

ProShares announces launch of short Ether-linked ETF
Ethereum

ProShares announces launch of short Ether-linked ETF

02.11.2023
0

ProShares, a major issuer of exchange-traded funds (ETF), announced the launch of the short Ether-linked ETF on Nov. 2.ProShares’s new...

Read moreDetails
Slumdog billionaire 2: ‘Top 10… brings no satisfaction’ says Polygon’s Sandeep Nailwal

Slumdog billionaire 2: ‘Top 10… brings no satisfaction’ says Polygon’s Sandeep Nailwal

02.11.2023
Top Swiss bank launches Bitcoin and Ether trading with SEBA

Top Swiss bank launches Bitcoin and Ether trading with SEBA

02.11.2023
Elon Musk slams NFTs but ends up arguing the case for Bitcoin Ordinals

Elon Musk slams NFTs but ends up arguing the case for Bitcoin Ordinals

02.11.2023
3 reasons why Ethereum price is down against Bitcoin

3 reasons why Ethereum price is down against Bitcoin

02.11.2023
Load More
Next Post
Mt. Gox Bitcoin repayment: The day that never comes

Mt. Gox Bitcoin repayment: The day that never comes

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

SEC Staking Shake-Up: Agency Says Proof-of-Stake Isn’t a Securities Deal – What It Means Now

SEC Staking Shake-Up: Agency Says Proof-of-Stake Isn’t a Securities Deal – What It Means Now

2 months ago
Terra Classic (LUNC) Makes a Comeback With Massive Surge

Terra Classic (LUNC) Makes a Comeback With Massive Surge

2 years ago
Colorado Resident Loses $6,000 in Bitcoin to Scam Involving Fake Law Enforcement

Colorado Resident Loses $6,000 in Bitcoin to Scam Involving Fake Law Enforcement

9 months ago
Tether CEO Warns Quantum Computing May Unlock Inactive Bitcoin Wallets

Tether CEO Warns Quantum Computing May Unlock Inactive Bitcoin Wallets

5 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

GENIUS Act Clears Congress as Meme Coins Hit $82B – Snorter Says It’s Sniping Season, ICO Passes $2M

The Nordics First Major Bitcoin Conference BTCHEL Slated for August 2025

XRP, BTC Holders Turn to APT Miner for Stable Investing

Thailand Launches National Crypto Sandbox for Tourists

Pepe Price Prediction: Is PEPE Going To Follow XRP And Hit a New ATH In July 2025?

More Than Third of Users Already Use Crypto for Everyday Payments

Trending

Ethereum attracts record ETF inflows and 39% fee drop in Q2, supporting stronger outlook for Q3
Analysis

Ethereum attracts record ETF inflows and 39% fee drop in Q2, supporting stronger outlook for Q3

19.07.2025
0

Ethereum (ETH) registered significant improvements in the second quarter, including increased inflows of exchange-traded funds (ETFs), layer-2...

Crypto Price Prediction Today 18 July – XRP, Ethereum, Solana

Crypto Price Prediction Today 18 July – XRP, Ethereum, Solana

19.07.2025
Ex-Pump.fun Dev Behind $2M Theft Jailed in London for Bail Breach, Faces 7+ Years Prison

Ex-Pump.fun Dev Behind $2M Theft Jailed in London for Bail Breach, Faces 7+ Years Prison

18.07.2025
GENIUS Act Clears Congress as Meme Coins Hit $82B – Snorter Says It’s Sniping Season, ICO Passes $2M

GENIUS Act Clears Congress as Meme Coins Hit $82B – Snorter Says It’s Sniping Season, ICO Passes $2M

18.07.2025
The Nordics First Major Bitcoin Conference BTCHEL Slated for August 2025

The Nordics First Major Bitcoin Conference BTCHEL Slated for August 2025

18.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz