How Binance wallet Spent Over $1M in ETH Gas Fees in a Day

Web 3.0 Impact on Binance

Data from blockchain explorer Etherscan shows that Binance, a trading platform, spent a whopping 530 Ether (ETH), equivalent to around $843,797, on gas fees within 24 hours. This surge in gas fees was attributed to a crypto wallet owned by Binance, named “Binance 14.”

The sudden spike in gas prices, which went from 6 gwei (around $0.17) to a maximum of 332 gwei (around $11.20) per transaction, has sparked discussions among the crypto community. Belinda Zhou, a web3 investor, commented that Binance’s engineers got the configuration wrong and set the gas allowance too high.

Adam Cochran, a partner at Cinneamhain Ventures, believes that the high gas fees were caused by the exchange’s substandard APIs. He voiced his doubts about the exchange’s ability to keep “hundreds of billions in coins across multiple protocols” secure.

Binance’s Unintentional Impact on Gas Prices

Binance recently experienced a “routine consolidation of ETH to one of its wallets” which had an unintentional impact on gas prices, according to a spokesperson from the exchange. The incident has been quickly resolved.

The exchange has been the subject of much criticism in recent months, due to its legal battle with the United States Securities and Exchange Commission. CEO Changpeng Zhao has also been the center of attention, as he recently refuted a report that he had borrowed $250 million from BAM Management, a firm that acts as the holding company of the exchange’s U.S. counterpart. He clarified that the loan was actually the other way around, with him lending the funds to the company.

Web 3.0, also known as the blockchain web, could have a major impact on businesses in the future. Web 1.0, 2.0, and 3.0 have all been important milestones in the history of the internet, and it’s important to understand the differences between them. Genshin Impact Web Event 3.0 is one of the best examples of a successful web 3.0 coin, and understanding the potential of AI technology is key to understanding the impact of web 3.0.

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