Global top three exchange OKX experienced a system error in the testing of its consolidation program last night, resulting in a situation where there was internal trading competition, leading to a surge in transaction fees. During this period, transaction fees amounted to as high as 254.28 BTC, valued at over 17.6 million USD.
Bitcoin memory pool and blockchain browser mempool founder mononaut tweeted this morning that OKX conducted a major wallet consolidation operation on Friday night, which led to a situation of internal trading competition and a surge in transaction fees. According to screenshots from the community, there was an abnormal situation where a block transaction fee burned 5 BTC.
Source: @1999_eth
OKX mistakenly burned over 254 BTC in transaction fees
mononaut later summarized all the confirmed and pending OKX wallet consolidation operations starting from block 846867, indicating that the total transaction fees during this period amounted to 254.28 BTC, currently valued at around 17.64 million USD.
There were 2385 transactions generated, with a total of 357092 inputs, and an average fee rate of 246.65 s/vb.
Funds consolidation, also known as fund cleaning, refers to the operation of transferring funds from all sub-addresses in an account to a designated account, which is essential for fund management, operational efficiency, and has become a necessary basic function for wallets, exchanges, asset management platforms, and other centralized platforms.
OKX confirms: “Testing” the consolidation program
The exaggerated data has led the community to speculate that there may be an issue with OKX’s consolidation script. In response, OKX officials confirmed last night that it was due to the technical team “testing a consolidation program.” In jest, mononaut commented, “I really wish I had a testing budget like that.” Some users expressed concerns about the safety of throwing away so many “big cakes” at once, or the technical team at OKX losing their jobs.
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