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Mempool founder: OKX's wallet collection operation cost a total of 254.28 BTC in fees

Mempool founder @mononautical posted on social media that OKX's wallet consolidation operations from block 846867 resulted in a total of 2385 confirmed and pending transactions, using 357092 inputs, with an average fee rate of 246.65 sat/vb and a total cost of 254.28 BTC (approximately $17.6 million). Mononautical stated that this appears to be caused by a poorly executed automated system that caused itself to bid for transactions, leading to uncontrolled fees.

Previously reported, last night the Bitcoin network transaction fees soared to 520 sat/vb, with a single block consuming over 5 BTC in network fees, leading to community speculation that it was caused by OKX's wallet consolidation. In response, OKX officially stated: "Thank you for your reminder. The team is testing a consolidation program and has stopped it."

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