The sudden surge in gas prices was traced back to a wallet associated with Binance, known as 'Binance 14.'
The latest figures even surpassed the one recorded just a week back when Binance 14 spent 388 Ether in gas fees on September 13th. However, the transaction count has been significantly higher than the current figures. In fact, the wallet had then processed the second most daily transactions record of 710,638 after its highest ever 959k on December 9, 2022.
The spikes have been unusually large, considering the gas fee spent by this hot wallet has typically remained below 3 Ether.in a wallet aggregation process when the gas fees were low to ensure the safety of user funds.The latest spike has sparked debate about Binance’s capabilities as the crypto exchange remained in an intense legal battle against the authorities of the United States.
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