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

by Mike Robinson

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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 blockchain.

Etherscan shows that Bitfinex has paid 7,676.6 Ethereum in fees to make the transaction, which is currently valued at $23.6 Million.

Transaction was made using the newly implemented EIP-1559. This means that 0.03 ETH was burnt 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 is 590,000 more than what the Bitfinex transaction costs.

On Twitter, the DEX team provided an official reply to the issue via their NYSE: page.

On the 27th of September at 11:00 UTC, an error-causing high gas fee was applied to a transaction that involved a physical wallet. DeversiFi currently investigates the reason for this and will keep users informed. DeversiFi has no customer funds at stake and is currently investigating the issue internally. The operations are not affected.

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