Binance Hot Wallet Spends $840k Worth of Ether in Gas Fees: Data (

Binance Hot Wallet Spends $840k Worth of Ether in Gas Fees: Data


The hot wallet, in question, spent an astonishing 530 Ether in gas fees, worth around $840k, in a span of just 24 hours.

The latest figures even surpassed the one recorded just a week back when Binance 14 spent 388 Ether in gas fees on September 13th. However, the transaction count has been significantly higher than the current figures. In fact, the wallet had then processed the second most daily transactions record of 710,638 after its highest ever 959k on December 9, 2022.

Binance has not provided a statement yet, but an update suggests that the crypto exchange was engaged in a wallet aggregation process when the gas fees were low to ensure the safety of user funds.

Binance has seen immense activity on one of its Ethereum hot wallets in recent weeks. However, things got heated up on September 21st as a result of high on-chain activity by the Binance 14 wallet.

Data from Dune Analytics’ dashboard suggested that the address processed 146,582 transactions during the same period. As a result, the gas fees on the Ethereum network experienced a 5,433% increase from the low of 6 gwei to peaking at a maximum of 332 gwei per transaction, according to Etherscan.

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