Bitfinex Spends $23.4M in Gas on Ethereum Transaction

On Monday, a wallet owned by crypto exchange Bitfinex paid 7,676.6 ETH for one transaction with DeversiFi.

Bitfinex Pays Record-Breaking Gas Fee  

Bitfinex has broken the record for the highest gas fee paid on the Ethereum blockchain.

At 11:10 UTC on 27 Sep., Bitfinex spent 7,676.6 ETH for a transfer of $100,000 in USDT to the Layer 2 decentralized exchange DeversiFi. At today’s prices, the fee equates to about $23.4 million.

The transaction inadvertently included a very high miner priority fee of 53,243,610.9 gwei. This meant that the transaction fee was 230 times higher than the value of the transaction itself.

DeversiFi said that the “erroneously high gas fee” was caused by an error on its interface.

DeversiFi is a Bitfinex-backed decentralized exchange that leverages StarkWare’s Layer 2 technology for settling transactions faster than on Ethereum mainnet. It’s been touted as a competitor to dYdX, the current largest Layer 2 decentralized exchange by trading volume.

Notably, DeversiFi works closely with Bitfinex. DeversiFi was originally known as EthFinex, and Bitfinex is one of its main backers. Last week, DeversiFi created a bridge to the exchange to allow “low-cost” transfers of ERC-20 tokens between the two platforms. Operations for both of the exchanges remain unaffected.

DeversiFi added that it was still investigating the issue to determine why the gas fee was set so high, and a post-mortem report is expected later on. Bitfinex is yet to make a public comment on the matter.

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