Binance, the popular trading platform reported on 21st September that they have incurred nearly $1M in ETH gas fees within a day.
Data from Etherscan, a blockchain data explorer, revealed that Binance’s wallet, “Binance 14,” spent 530 Ether, equivalent to around $843,797, in gas fees within just 24 hours. This led to community members criticizing Binance’s engineers for setting the gas allowance too high.
Some experts also raised concerns about the exchange’s technology and its ability to safeguard billions of coins. Binance has stated that the wallet aggregation was done during a period of low gas fees to prioritize user funds’ security.
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