Bitfinex pays over $23 Million gas fees on $100k transaction By BTC Peers

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Bitfinex pays over $23 Million gas fees on $100k transaction Popular centralized exchange Bitfinex has reportedly spent over $23 million in fees to send just $100,000 worth of USDT on the blockchain. According to Etherscan, Bitfinex paid a total of 7,676.6 ETH (currently valued at $23.6 million) in what seems to be the most expensive transaction made on Ethereum. The transaction was performed through the recently implemented EIP-1559, meaning that 0.053 ETH was burned during the transaction. The intended destination for the funds was DeversiFi’s wallet, a decentralized exchange incubated by Bitfinex. Ironically, DeversiFi promotes a service to “avoid gas costs and frustration, saving you time and money with every trade or swap.” To put things in perspective, the average transaction fee on the Ethereum blockchain is currently around $39.96. This means the Bitfinex transaction was about 590,000 times higher than the current cost. The team behind the DEX issued an off
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