Solomon Samuel 
Etherscan, a blockchain data explorer, reports that a crypto wallet belonging to the trading platform Binance has spent 530 Ether, worth approximately $843,797, in gas fees in just 24 hours.
On September 21, gas fees per transaction on the Ethereum network increased from a minimum of 6 gwei (approximately $0.17) to a maximum of 332 gwei (approximately $11.20).
30-day gas usage chart for the Binance crypto wallet. Source: Dune Analytics
The increase in petroleum prices was attributed to the wallet named “Binance 14.” Members of the community voiced their opinions on the exorbitant petroleum costs incurred by the exchange.
Web3 investor Belinda Zhou characterized Binance’s engineers as “incapable” and said they got the configuration wrong and set the gas allowance too high.
Adam Cochran, a partner at the venture capital firm Cinneamhain Ventures, believes that the atypical gas fees are the consequence of subpar APIs.
The executive criticized the exchange’s technology and questioned its ability to keep “hundreds of billions of coins distributed across multiple protocols” secure.
Meanwhile, Binance reportedly stated that it performed wallet aggregation when gas fees were minimal to protect user funds.
Binance remains entangled in controversies amid its legal battle with the United States Securities and Exchange Commission, which has kept it on the radar of critics.
Changpeng Zhao, the CEO of the exchange, denied on September 21 that he borrowed $250 million from BAM Management, the holding company of the exchange’s U.S. counterpart.
According to Zhao, he was the one who loaned the money to the business.