TechFlow reports that mempool founder @mononautical posted on X stating that OKX's wallet consolidation operations, starting from block 846867, generated a total of 2,385 transactions, spending 357,092 inputs and consuming 103 MvB, with an average fee rate of 246.65 sat/vb, resulting in total fees of 254.28 BTC (approximately $17.6 million). He explained this was likely due to a poorly executed automated system causing fees to spiral out of control.
Earlier report: Bitcoin chain gas fees surged, with OKX stating its team was testing a consolidation program, which has now been stopped.
Add to Favorites
Share to Social Media
