Bitcoin exchanges have their bitcoins spread out over 7 million UTXOs. Depending on the mining fee levels, this might cost some or many millions to consolidate.
https://i.nostr.build/WGRJk.png
Just now - since about 5h - OKX is consolidating some of their 1.3 million UTXOs, paying in excess of 500sat/vB!
https://i.nostr.build/Q7RJP.png
is this a hack?
No. It might be a script gone wrong as it pays a lot for consolidations while competing mostly with itself, so slowing down would probably drive down the cost drastically but maybe they know something we don't know yet and decided to do this now before some handicapped ape minting or whatever that could clog up the chain for a long time.
someones gonna get fired. the fee is 32% of the amount. that's insane.
I saw a lot of fun that was made about this episode but no information from OKX themselves. I really would love to hear what happened there :D
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