Miner Returns $ 2.2 Million In Mispaid Fees By Crypto Exchange Bitfinex
AnTySeptember 28, 2021
Cryptocurrency exchange Bitfinex paid $ 23.57 million in transaction fees to deposit $ 100,000 in what appears to be a bug in the system.
The exchange was actually transferring the amount in the stablecoin Tether (USDT) to the decentralized exchange DeversiFi, which shared the incident on Twitter. DeversiFi is a non-custodial exchange that was created from Bitfinex in 2019, offering access to DeFi protocols “without paying gas fees.”
“At 11:10 am UTC on September 27, a deposit transaction was made using a DeversiFi main user interface hardware wallet with too high gas charges,” DeversiFi tweeted.
DEX noted that it was investigating the cause of how this happened and made sure that client funds on the platform were not at risk. “This is an internal problem that DeversiFi must solve. Operations are not affected, ”he added.
Paolo Ardoino, CTO of Bitfinex and Tether, had also ensured that no user would be affected by this and that in the worst case the exchange would take over the company’s funds.
But since then the situation has been resolved and DeversiFi has noted that the miner on block 13,307,440 has returned 7,626 ETH which was underpaid as a transaction fee.
“The blockchain is immutable. But the revolution we are a part of is defined by our values as humans, ”he said.
“The funds have been returned to the source address,” Ardoino also confirmed.
AnTy has been involved in the crypto space full time for over two years. Prior to her blockchain debut, she worked with the NGO Doctor Without Borders as a fundraiser and has since explored, read, and created for different segments of the industry.