On June 8, mempool founder @mononautical posted on social media that OKX has generated 2,385 transactions for all confirmed and pending wallet collection operations since block 846,867, costing 357,092 inputs, with an average fee of 246.65 sat/vb and a total fee of 254.28 BTC (about $17.6 million). Mononautical said that this seemed to be caused by a poorly executed automated system that caused itself to bid on transactions and the fees were out of control. It was previously reported that the Bitcoin network transaction fee soared to 520 sat/vb last night, and a single block consumed more than 5 bitcoins in network fees. The community questioned whether it was caused by OKX's wallet sorting. In response, OKX officially responded: Thank you for the reminder. The team is testing a collection program and has stopped.
