Binance spent nearly a million euros in Gas Fees to consolidate assets, developer says Binance uses inefficient scripts

Today (9/21), Ethereum Gas Fee reached a near seven-day high, sparking discussions in the community. It was discovered that this was due to movements of assets by wallets associated with Binance. According to Wu, when interviewed, Binance responded that they were in the process of wallet integration during times of low gas fees to facilitate user withdrawals and ensure fund security. However, this move has drawn criticism, with some arguing that Binance is engaging in inefficient and costly practices.

Did Binance spend nearly a million dollars to consolidate assets?

According to venture capitalist Adam Cochran, Binance spent nearly a million dollars in Gas Fees to consolidate assets, conducting transactions at 300 gwei when the fee was 9 gwei. This incident suggests that their technology is subpar, which is not a good sign for a company that claims to have never had assets stolen and has various asset verification measures in place.