The Ethereum (ETH) network recently witnessed a sudden increase in gas fees, leading to significant transactions being directed towards a wallet address labeled as “Binance 14” by Etherscan. While the average gas fee on the Ethereum network was around 10 gwei, transactions from Binance consistently paid fees exceeding 300 gwei, which is approximately 30 times higher than necessary. To put it into perspective, 300 gwei equals around $10.
This abnormal surge in gas fees caused a temporary disruption in the Ethereum network, resulting in users incurring substantial costs for sending transactions. Binance released a statement acknowledging that these transactions were initiated by them, referring to it as a routine consolidation of ETH. However, they clarified that any impact on gas prices was unintentional, and the issue was swiftly resolved.
Overall, more than 530 ETH, which is equivalent to approximately $840,000 in gas fees, were drained by these transactions. This briefly made the wallet address responsible for these fees the largest gas user on the Ethereum network. Impressively, this particular wallet address has been responsible for a total of $95 million in transaction fees over its existence, including both inbound and outbound transactions.
