DeversFi Refunds Extra-Charged Gas Fees on Bitfinex

Bloomberg said Bitfinex paid $23.7 million in gas fees to deposit $100,000 on the Tether blockchain. Reports also revealed that the exchange was moving millions from the network to a decentralized exchange DeversiFi, and accidentally suffered an inflated gas fee. However, recent reports from DeversiFi show the platform is ready to make the refund.

Bitfinex Makes a Quest-Riddled Crypto Trade

Bitfinex, one of the world’s most controversial crypto exchange platforms, made an eyebrow-raising trade on Monday that involved unrealistic gas fees. Recent reports suggest the exchange was moving a hundred thousand U.S. dollars in Tether to the DeversiFi blockchain. However, they appeared to have paid over twenty-three million dollars in gas fees for the transaction alone.

Anyone transacting on the Ethereum network has to pay gas fees for the miners to complete the involved transactions. These fees vary according to the supply and demand of the computing power necessary to complete the transactions. While the gas fees have been very high this year due to the rising amount of crypto transactions, an eight-figure price tag is unrealistic for a hundred thousand dollars.

Bitfinex Survives a Massive Loss By a Whisker

DeversiFi came out to comment on its official Twitter account that this transaction fee must be highly erroneous. As per the spokesperson for British Virgin Islands-based Bitfinex, third parties that are co-joint with Bitfinex usually cover these as fees.

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The spokesperson also added that since DeversiFi has commented on the transaction fee, they are hoping that they will conduct investigations and solve the matter on their side.

Fat-finger mistakes cause sharp shifts in the markets. Nevertheless, blockchain technology has been a victim of irreversible transactions for a long time. Blockchain users suffer due to such errors because their transactions are ‘irreversible.’

However, a recent report from DeversiFi proves otherwise. The exchange has applauded the miner of block 13307440 for returning 7626 ETH, which was erroneously paid today as a gas fee.

A Haven for Controversies

Tether and Bitfinex share joint owners. Bitfinex is also closely related to the exchange and the Stablecoin Company. DiversiFi made this announcement to show their plan in enabling the affordable transfer of Tether tokens.

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Tether and Bitfinex aren’t new to controversies. The exchange settled a probe with the New York Attorney General earlier this year while the stablecoin faced investigations. Sometime in 2019, Tether’s parent company was in the limelight for mistakenly doubling the supply in circulation. This ‘mistake’ caused a plunge in the value of BTC. Additionally, customers also complain that they find themselves entering high transaction fees.