Binance responded: Previously, a large number of wallet consolidations were conducted when gas fees were low, which is a routine operation

ChainCatcher message, this afternoon Ethereum Gas fees briefly soared to 300 gwei, analysis suggests it is related to Binance consolidating wallets. In response, Binance officially stated that the platform was simply consolidating during low Gas fees, and provided the following explanation:

1. Usually, exchanges perform wallet consolidation to facilitate user withdrawals and ensure the safety of funds;
2. The discussion this time was triggered by the large number of consolidations, mainly because the current Gas fees are low, making consolidation very cost-effective, so the operations team consolidated a larger number of wallets during this adjustment.