Home News Bitfinex paid a $23.5M commission to send 100K of USDT

Bitfinex paid a $23.5M commission to send 100K of USDT


The Bitfinex-owned decentralized exchange (DEX) DeversiFi reported a transaction for 100,000 USDT on the Ethereum network with a commission of $23.5 million.

According to the statement, the error occurred when making a transaction from a hardware wallet. Currently, the developers are investigating the causes of the incident.

“Customer funds on DeversiFi are not at risk, and this is an internal problem that DeversiFi must solve. This does not affect operations,” DEX representatives wrote.

Unknown miner

Thus, according to The Block, the operation was carried out using EIP-1559. Which involves burning part of the commissions and helps to reduce the volatility of the gas price. The offer also allows users to pay miners a “tip”.

An unknown miner added a transaction, one of the ten largest in terms of the number of blocks mined over the past seven days. About $25 was burned as a base commission from the total amount. Then the remaining part became a reward for the miner. “What would be really interesting is who is the miner who mined the block,” wrote analyst Larry Cermak.

In addition, Bitfinex CTO Paolo Ardoino said that the miner has fully refunded the funds. According to him, the Binance Bitcoin exchange helped to establish contact with him. Moreover, according to Etherscan, the miner made three transactions to the address associated with Bitfinex: 1 ETH, 7385 ETH and 240 ETH. One Twitter user remarked that this is “the perfect way to launder money.” However, not everyone agreed with this opinion.

The platform refused to use operational resources

Earlier in 2019, the Ethfinex exchange announced its relaunch under the new name DeversiFi and with a changed management structure. In particular, the platform refused to use the operational resources of Bitfinex.

Recall that in February 2021, Bitfinex and Tether entered into an agreement with the New York State Attorney General’s Office in the case of the company’s financial transactions related to the loss of $850 million.

In September, Bitfinex launched the Bitfinex Securities platform for trading tokenized shares and bonds, registered in Kazakhstan.

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