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A cryptocurrency wallet associated with the trading platform Binance has incurred 530 Ether (ETH), approximately valued at $843,797, in gas fees within a 24-hour period, as reported by the blockchain data explorer Etherscan.
On September 21, gas fees on the Ethereum network fluctuated from a low of 6 gwei (around $0.17) to a peak of 332 gwei (approximately $11.20) per transaction. This increase in gas prices was linked to the Binance wallet identified as “Binance 14.”
30-day gas usage chart for the Binance crypto wallet. Source: Dune Analytics
Members of the community shared their thoughts regarding the substantial gas fees incurred by the exchange. Web3 investor Belinda Zhou characterized Binance’s engineers as “incapable,” asserting that they misconfigured the settings and allocated excessive gas limits.
Adam Cochran, a partner at the venture capital firm Cinneamhain Ventures, suggested that the atypical gas fees stemmed from inadequate APIs. The executive criticized the exchange’s technological framework and expressed skepticism about its capacity to safeguard “hundreds of billions in coins across multiple protocols.”
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In response, Binance reportedly stated that it executed its wallet aggregation process during periods of lower gas fees to protect user funds.
Cointelegraph attempted to contact Binance for a statement but did not receive an immediate reply.
Related: CZ post on X about Ceffu and Binance.US contradicts SEC claims, adds to confusion
Binance has consistently faced scrutiny, remaining embroiled in controversies amid its ongoing legal disputes with the United States Securities and Exchange Commission. On September 21, the exchange’s CEO, Changpeng Zhao, denied a report alleging that he borrowed $250 million from BAM Management, the firm serving as the holding company for the exchange’s U.S. counterpart. Zhao claimed that the loan was actually in the opposite direction, with him providing the funds to the company.
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