Bitfinex spent a whopping $23.6 million in fees in a single transaction on Ethereum’s blockchain.
The cryptocurrency market never ceases to amaze. One of the most popular centralized exchanges – Bitfinex – spent over $23 million worth of fees to send $100K USDT using Ethereum’s network.
- In what seems to be the most expensive transaction made on Ethereum, Bitfinex, the well-known cryptocurrency exchange, paid over $23M worth of ETH.
- Interestingly enough, the transaction itself intended to send $100,000 worth of USDT.
- According to Etherscan, Bitfinex paid a grand total of 7,676.6 ETH, which is currently around $23.6 million.
- The transaction was made through the recently implemented EIP-1559, which also means that 0.053 ETH was burned.
- The USDT was intended to arrive in DeversiFi’s wallet – a decentralized exchange incubated by Bitfinex.
- Commenting on the matter, the team behind the DEX issued an official response through their Twitter page.
At 11:10 UTC on the 27th September a deposit transaction was made using a hardware wallet from the main DeversiFi user interface with an erroneously high gas fee.
DeversiFi is currently inestigatng the cause to determine how this occured and will keep you updated. No customer funds on DefersiFi are at risk and this is an internal issue for DeversiFi to resolve. Operations are unaffected.
Bitfinex Goes Offline and Turns Off Trading
One of the largest cryptocurrency exchanges went offline
According to its Twitter account and status page, the Bitfinex cryptocurrency exchange went offline after traders could not access their orders and funds on the exchange. Currently, the Bitfinex team is looking into the issue and promises to open trading at around 10:05 UTC.
The first reports of inconvenience on the platform appeared at 7:30 a.m. UTC, but at that time the platform was still online, with the trading process halted. Web servers, trading engines and backend workers are still under maintenance.
After the opening of the platform, traders will be able to close the open orders that they had previously opened. According to various reports from individual traders, funds withdrawing also has not been functioning properly. There was also no significant activity on exchange-owned addresses.About the author
Bitfinex Rolls Out Kazakhstan Regulated Security Token Exchange
Bitfinex’s new STO platform is regulated in Kazakhstan and it will give investors access to blockchain-based equities and tokenized securities.
Popular cryptocurrency exchange Bitfinex has announced the launch of a new trading platform focused on Security Token Offerings (STOs).
Bitfinex said in a recent announcement that the new platform will operate under the financial laws of Kazakhstan, as provided by the Astana Financial Services Authority (AFSA).
The STO exchange, dubbed Bitfinex Securities Ltd, has been launched as part of the company’s efforts to support the development of the global financial industry.
Bitfinex Securities Features & Offerings
Similar to existing practices in the digital asset space, Bitfinex Securities will operate on a 24/7 basis. Notably, the company has deployed technologies to reduce transaction costs, boost efficiency, and optimize the success rate of capital raised on the platform.
Through the STO platform, investors will be granted access to an international securities trading market.ADVERTISEMENT
It will also give interested investors the opportunity to diversify their portfolio by providing access to a wide array of financial products, including equities and bonds.
Security token issuers can also take advantage of the newly launched platform by raising capital via the offering of tokenized security in a bid to raise capital, the announcement added.
Paolo Ardoino, Chief Technology Officer (CTO) at Bitfinex Securities Ltd said the STO exchange will contribute positively to helping the trading platform become the most liquid of its kind globally, adding:
“Bitfinex Securities Ltd. provides a regulated platform serving small and medium-cap companies that are currently underserved by existing, inefficient capital markets.”
Although the exchange will operate under the laws of Kazakhstan, investors from different parts of the world can also trade various tokenized securities publicly.
However, investors residing in the United States, Switzerland, Canada, the British Virgin Islands, Austria, Venezuela, and Italy are prohibited from using the platform, according to a legal statement issuedissued by Bitfinex.
Similarly, other jurisdictions under embargo by the United States, Iran, Cuba and Kazakhstan, among others, will be denied access to the exchange.
Increasing Demand for Tokenized Securities
Security tokens are investment contracts representing ownership of real-world assets like real estate and digital artwork, among others.
The asset class has become increasingly popular among investors, with several crypto-related companies flocking to the market to offer various tokenized securities.
The high demand for tokenized securities has not gone unnoticed by traditional financial institutions, as these firms have also joined crypto-related companies in issuing their unique security tokens.
As reported earlier this year, Swiss-based Union Bank AG became the first regulated traditional financial institution to issue its security tokens under the laws of Liechtenstein.
In the same vein, France’s third-largest bank Societe Generale also issued its first structured product as a security token on the Tezos blockchain back in April.