Bitfinex just spent $23.7 million in fees to make a single Ethereum transaction

Bitfinex just spent $23.7 million in fees to make a single Ethereum transaction

Crypto exchange Bitfinex just paid $23.7 million in transaction fees to send $100,000 of tether (USDT) in what was presumably a bit of a slip up.

The exchange made the transaction around two hours ago, according to block explorer Etherscan. The transaction was sent from one of Bitfinex’s main wallets and the money ended up at one of Deversifi’s wallets — a non-custodial exchange that was spun out of Bitfinex in 2019.

The transaction was a smart contract interaction with the amount of tether sent to one wallet before being passed along to Deversifi’s wallet. It used the newly implemented EIP-1559 type of transaction, which was designed to make Ethereum fees easier to predict.

The transaction was included in a block that was mined by an unknown Ethereum miner, who ranks in the top ten miners by blocks mined over the last seven days.

This may be the largest Ethereum transaction fee ever paid in dollar terms. Previous notable occasions include two transactions that were made in June 2020 that added up to $5.2 million in fees.

We have reached out to Bitfinex for comment and will update this article if we hear back.

H/t to Crypto_BenBen

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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