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2024-04-28

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Axos’ dizzying array of red flags The Ethereum (ETH) network experienced a surge of abnormally high gas fees on Thursday, with over 140,000 transactions directed to a wallet address labeled by Etherscan as “Binance 14.”While the Ethereum network's average gas fee hovered around 10 gwei, Binance’s transactions consistently paid fees exceeding 300 gwei, or around 30 times higher than what was needed.300 gwei equals around $10.Recommended Ethereum transaction fees on September 22. Source: EtherscanThe extraordinary expenditure resulted in a temporary spike in gas fees on the Ethereum network, with users incurring substantial costs for sending transactions.Binance confirms ‘routine consolidation of ETH’Binance has confirmed in a media statement that the transactions were initiated by them, calling it a “routine consolidation of ETH.”“Any impact to gas prices was unintentional but quickly resolved,” a spokesperson for the exchange said.In total, the transactions drained more than 530 ETH, equivalent to approximately $840,000 in gas fees, briefly making it the largest gas user on the Ethereum network.Over the course of its lifetime, the wallet address is responsible for $95 million in transaction fees, including both inbound and outbound transactions.Community reactsThe incident was widely shared among community members on X, with one user saying it was a consolidation “from long-inactive deposit addresses.”Others also offered their take on the unusual transactions, with for instance Martin Köppelmann, co-founder of DeFi protocol Gnosis, suggesting that Binance is either using “a really inefficient script” or that “something fishy is going on.”Lastly, some community members blamed Binance’s wallet team for the glitch, calling the team’s engineers “incapable.”“They will release a case report soon. And likely someone got fired,” the user added.Ethereum Devs Put Forth ERC-7512 Standard to Represent Audit Reports On-Chain Singapore|Areas of Availability-GeminiParticipants may still enter projects online without visiting a GAS Station and be eligible for a grand prize. Online submissions are open until Oct. 20. 14 Best Crypto ICOs to Invest in 2023

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The revolutionary fuse mechanism of the Trantor Network integrates many security measures to secure assets during transfers. Trantor Network now permits indigenous non-fungible tokens (NFTs) to flow seamlessly between different Ethereum Virtual Machine (EVM) chains. It includes Binance Smart Chain (BSC), Optimism (OP), Ethereum (ETH), and others. Around the same time as CZ’s warning, another prominent figure, Aman, associated with Binance raised concerns about scams in the crypto community. aman urged users to “Stay SAFU” and highlighted a concerning trend involving the misuse of CZ’s images in NFTs, alongside false promises of lucrative rewards. Top India crypto exchanges list: Check best cryptocurrency apps hereBitcoiner drops BitVM paper — Bringing Ethereum-like contracts to Bitcoin The future of GameFi appears promising. It provides a platform where players can earn while enjoying their favorite games. Think of it as a merging point between the financial and gaming spheres. With the introduction of blockchain technology into the gaming industry, gamers can earn tokens or coins, which they can then trade for other cryptocurrencies or fiat money.

XRP Price Prediction: Will Breakout Above $0.55 Occur? Will The ETH Bulls Take Over? What is a Decentralized Exchange(DEX)?Read more: A Guide to The Most In-Demand Jobs Among Candidates in Web3 Here are a few areas where the outcome of the case could have an impact:

The overall objectives of the Bitcoin and Ethereum networks are dissimilar. Ethereum was designed as a platform to enable immutable, programmable contracts and applications via its currency. Bitcoin founders only intended it as an alternative to traditional cash, a means of monetary exchange, and a store of value. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Elon Musk Supports Dogecoin Creator's Thesis Best Crypto Exchange UK for 2022 RevealedThis is a bullish development when a momentum increase accompanies a price decrease. 1. CryptoPunks

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