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This Binance Wallet Triggered A Temporary 30X Surge In Ethereum Gas Fees
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

This Binance Wallet Triggered A Temporary 30X Surge In Ethereum Gas Fees

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
Ethereum PRICE

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A cryptocurrency wallet associated with the prominent trading platform, Binance, has seen massive activity in the last 24 hours, leading to abnormally high transaction fees on the Ethereum network.

Binance Wallet Incurs Nearly $850,000 Gas Fees In One Day

A crypto wallet labeled “Binance 14” witnessed a significant transaction surge on September 21, rising above 140,000. As a result of this activity surge, transactions of the Binance-owned wallet consistently incurred gas fees of over 300 gwei, even though the network’s average fee was around 10 gwei.

This gas fee jump and significant wallet activity have resulted in around 530 ETH (equivalent to nearly $850,000) in gas used on the Binance 14 address today. 

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The increase in transactions on the Binance wallet had a broader, albeit temporary, impact on the Ethereum network. Gas fees on the blockchain momentarily jumped from less than 10 gwei to above 330 gwei per transaction, according to blockchain data tracker Etherscan.

Gas fees refer to the cost blockchain users incur or pay validators to conduct transactions or execute contracts on the Ethereum network. Fees depend on the blockchain’s demand and supply of processing power. This means when a network has many transactions, there is often a high demand for processing power, which increases gas fees.

Possible Reasons For The Gas Fee Spike

In the wake of this incident, Wu Blockchain reported that Binance said it was carrying out its wallet aggregation process when the gas fees were low to facilitate withdrawals and ensure the safety of user funds. Nonetheless, some prominent crypto community members have weighed in on the situation, offering possible explanations for the gas fee spike. 

Martin Koppelmann, cofounder of the Gnosis chain, said on the X (formerly Twitter) platform that Binance might be using a “really inefficient script” to consolidate, leading to high transaction costs.

Gas prizes spiking because of a ton of regular ETH transfers related to Binance.
a) they are using a really inefficient script to consolidate funds and are massively overpaying transaction costs
b) something fishy is going on

— Martin Köppelmann 🦉💳 (@koeppelmann) September 21, 2023

Blockchain analysts at Scopescan gave a similar prognosis on the gas incident. The on-chain analytics platform said:

Due to Binance consolidating funds from long-inactive deposit addresses, the Ethereum network is experiencing congestion, causing Gas fees to surge to 300 gwei.

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Adam Cochran, a popular crypto investor, suggested that the abnormally high transaction fees might have been due to Binance’s subpar APIs. In his X post, Cochran criticized the exchange’s technological infrastructure while casting doubts on its capacity to safe-keep “hundreds of billions in coins across multiple protocols.”

According to CoinGecko data, the price of Ethereum currently sits below $1,600, reflecting a 2.8% decline in the past 24 hours. Nevertheless, Ether maintains its position as the second-largest cryptocurrency, with a market capitalization of over $190 billion.

Binance

Ethereum price trading beneath $1,600 on the daily timeframe | Source: TOTAL chart on TradingView
Featured image from Unsplash, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

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Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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