Binance, a cryptocurrency exchange, faced criticism and accusations of incompetence after its account consolidation process resulted in soaring Ethereum gas fees. The process caused gas prices to reach 280 gwei, significantly higher than the standard rate of 13 gwei. Binance’s address responsible for the transfers became one of the largest gas consumers on Ethereum, accounting for 83% of the fees at the peak. Many observers suggested that spreading out the transactions over a longer period would have mitigated the gas spike. The incident sparked negative sentiment and led to increased scrutiny of Binance’s practices.
AI Sentiment: Negative