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 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.

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