Ethereum

<![CDATA[<figure class="image"><img src="https://cimg.co/news/125401/331181/eth-fees.jpg" srcset="https://cimg.co/news/125401/331181/responsive-images/eth-fees___media_library_original_1436_805.jpg 1436w, https://cimg.co/news/125401/331181/responsive-images/eth-fees___media_library_original_1200_673.jpg 1200w, https://cimg.co/news/125401/331181/responsive-images/eth-fees___media_library_original_900_505.jpg 900w, https://cimg.co/news/125401/331181/responsive-images/eth-fees___media_library_original_720_404.jpg 720w, https://cimg.co/news/125401/331181/responsive-images/eth-fees___media_library_original_600_336.jpg 600w, https://cimg.co/news/125401/331181/responsive-images/eth-fees___media_library_original_300_168.jpg 300w" width="1436" class="content-img" alt=""></figure>The Ethereum (<a href="https://cryptonews.com/coins/ethereum/">ETH</a>) network experienced a surge of abnormally high gas fees on Thursday, with over 140,000 transactions directed to a wallet address labeled by Etherscan as &ldquo;<a href="https://dune.com/sankin/binance-14">Binance 14</a>.&rdquo;While the Ethereum network's average gas fee hovered around 10 gwei, Binance&rsquo;s transactions consistently paid fees exceeding 300 gwei, or around 30 times higher than what was needed.300 gwei equals around $10.<figure class="image"><img src="https://cimg.co/news/125401/331180/eth-transaction-fees.jpg" srcset="https://cimg.co/news/125401/331180/responsive-images/eth-transaction-fees___media_library_original_1316_390.jpg 1316w, https://cimg.co/news/125401/331180/responsive-images/eth-transaction-fees___media_library_original_1200_356.jpg 1200w, https://cimg.co/news/125401/331180/responsive-images/eth-transaction-fees___media_library_original_900_267.jpg 900w, https://cimg.co/news/125401/331180/responsive-images/eth-transaction-fees___media_library_original_720_213.jpg 720w, https://cimg.co/news/125401/331180/responsive-images/eth-transaction-fees___media_library_original_600_178.jpg 600w, https://cimg.co/news/125401/331180/responsive-images/eth-transaction-fees___media_library_original_300_89.jpg 300w" width="1316" class="content-img" alt=""><figcaption>Recommended Ethereum transaction fees on September 22. Source: Etherscan</figcaption></figure>The extraordinary expenditure resulted in a temporary spike in gas fees on the Ethereum network, with users incurring substantial costs for sending transactions.<h2 id="binance-confirms-routine-consolidation-of-eth">Binance confirms &lsquo;routine consolidation of ETH&rsquo;</h2>Binance has confirmed in a media statement that the transactions were initiated by them, calling it a &ldquo;routine consolidation of ETH.&rdquo;&ldquo;Any impact to gas prices was unintentional but quickly resolved,&rdquo; a spokesperson for the exchange said.In total, the transactions drained more than 530 ETH, equivalent to approximately $840,000 in gas fees, briefly making it the largest gas user on the Ethereum network.Over the course of its lifetime, the wallet address is responsible for $95 million in transaction fees, including both inbound and outbound transactions.<h2 id="community-reacts">Community reacts</h2>The incident was widely shared among community members on X, with one user saying it was a consolidation &ldquo;from long-inactive deposit addresses.&rdquo;<figure class="media"><oembed url="https://twitter.com/0xScopescan/status/1704799448294175173"></oembed></figure>Others also offered their take on the unusual transactions, with for instance Martin K&ouml;ppelmann, co-founder of DeFi protocol Gnosis, suggesting that Binance is either using &ldquo;a really inefficient script&rdquo; or that &ldquo;something fishy is going on.&rdquo;<figure class="media"><oembed url="https://twitter.com/koeppelmann/status/1704800453001634145"></oembed></figure>Lastly, some community members blamed Binance&rsquo;s wallet team for the glitch, calling the team&rsquo;s engineers &ldquo;incapable.&rdquo;&ldquo;They will release a case report soon. And likely someone got fired,&rdquo; the user added.<figure class="media"><oembed url="https://twitter.com/ciaobelindazhou/status/1704819860339925333"></oembed></figure>
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High Gas Fees Alert: Binance Wallet Records $840,000 in Abnormal Ethereum Charges

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