Bitfinex Paid $24M In Ethereum Fees To Send $100K Worth Of USDT

Bitfinex paid $24M in Ethereum fees in one single transaction on the Ethereum blockchain as we are reading more in our latest Ethereum news.

The market is quite an interesting place and now even more as one of the most popular centralized exchanges Bitfinex paid $24M worth of fees to send $100K USDT using Ethereum’s network. In what seems to be the most expensive transaction made on ETH, the exchange paid over $23 million worth of ETH. The transaction itself intended to send $100,000 worth of USDT and according to Etherscan, Bitfinex paid a huge sum of 7,676,6 ETH which is around $23.6 million. The transaction was made via the recently implemented EIP-1559 which means about 0.053 ETH was burned.

The USDT was intended to arrive in the DeversiFi wallet as a decentralized exchange incubated by the exchange. Commenting on teh matter, the DEX team issued an official response on their Twitter page saying that on September 27^th, a deposit transaction was made using a hardware wallet from the DiversiFi user interface with a huge gas fee. DeverisiFi is now investigating the cause to determine how this happened and will post an update as soon as they have something. No customer funds on the exchange were at risk nor on the other platform and the operations remain unaffected.

Speaking of Bitfinex, we reported that Crypto exchange Bitfinex announced the introduction of the open authentication standard universal second factor U2F in its merchant payments services Bitfinex Pay. The move enables the capacity of online stores and merchants to adopt the bitfinex Pay widget and receive payments for goods and services in a range of crypto assets like BTC, ETH, Lighting NEtwork, and Tether on the Tron and Ethereum blockchains. Customers of the registered merchant can choose to “Pay with Bitfinex” option at the checkout and after the detour of the payment gateway, the customers will be returned to the merchant’s website. Once confirmed, the payment will be sent to the merchant’s connected Bitfinex wallet address.

Bitfinex allegedly repaid the Tether stabelcoin issuer which was the reason behind the investigation launched by the New York Attorney General’s office. There are still many questions about the exchange’s relations with Tether but the company now claims that it has repaid the remainder of the loan. The exchange explained that it initially paid $550 million to Tether in January after having paid back $100 million in the past two years.