February 7, 2023

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ETH gas fee rises to 222 Gwei as Binance consolidates ETH wallets from CoinEdition

ETH Gas Fee Rises to 222 Gwei as Binance Consolidates ETH Wallets Ultrasound.Money data shows ETH Gas Fee has risen to 222 Gwei. The surge came as Binance with its reserve proof checks for . A global accounting firm confirmed that Binance has more BTC to protect customer deposits.

Data from Ultrasound.Money, an analytics firm that tracks Ethereum (ETH) blockchain activity, shows that ETH gas fee has increased to 222 Gwei over the past 24 hours. Collin Wu media believes the unprecedented surge happened as the largest crypto exchange Binance began its proof of reserve checks on Ethereum tokens.

It added that Binance was consolidating ETH tokens from multiple addresses in its hot wallet, dubbed Binance14, for the next phase of POR verification, pushing up the network’s gas fee.

The Ethereum Gas fee once rose to 222 Gwei when Binance consolidated funds from countless deposit addresses into Binance14’s hot wallet in preparation for the next stage of POR screening. Binance has completed its BTC reserve and is launching an ETH check. https://t.co/Tan4AEjNMn

Post ETH gas fee rises to 222 Gwei as Binance consolidates ETH wallets, appeared first on Coin Edition.

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