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Erroneous transaction found crypto exchange, Bitfinex paid $24 million fees for $100,000 ethereum transaction

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Pavan A Follow


Oct, 05 2021

Oct, 05 2021

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Bitfinex, a cryptocurrency exchange, paid $24 million as a fee for a $100,000 ethereum transaction on Monday, September 27. The miner who validated the transaction and received the fee returned most of it.

In a transaction on DeversiFi’s platform, 7676 Ether was paid accidentally. The $21.5 million will be returned to the wallet that started the transaction, according to block 13307440 miners.

According to Etherscan, the mining pool that received the massive gas fee is presently ranked 9th among the largest Ethereum miners and accounts for around 3.1 percent of the network’s hash rate.

Decentralized crypto exchange (DEX) DeversiFi, a sister exchange of crypto trading platform Bitfinex, tweeted, “Thank you to the miner of block 13307440 who we can confirm is recovering 7,626 ETH that was wrongly paid today as a tx fee.”

While the dispute between the hardware wallet and the miner has been resolved, an argument has erupted over the burning transaction fees. Larry Cermak, director of research at The Block, later clarified that only 0.0001% of the $24 million fees, or approximately $25, was burned.

In an official statement to Decrypt, the company stated that the transaction was for depositing funds into the DeversiFi L2 solution. they went on to explain that these types of transactions are extremely unusual, and the costs of such integrations are covered by third-party companies. 

Bitfinex was established in 2012 and is one of the most popular exchanges in the digital money market. It is a cryptocurrency exchange based in Hong Kong, which has grown to become one of the largest and most popular cryptocurrency exchanges in operation today.

The exchange offers three major ways to trade: spot trading, margin trading, and leverage trading. It uses a maker-taker fee model for all trades made on its platform.

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Pavan A

CBW - External Analyst


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