Bitcoin Transaction Fees Spike As Bithumb Clears Hot Wallets Following Hack

Home / Bitcoin Transaction Fees Spike As Bithumb Clears Hot Wallets Following Hack

Due to a dramatic surge in network congestion associated with the recent Bithumb hack, the average BTC transaction fee went up from $0.55 to $3, and average confirmation time increased significantly from 6 to 20 minutes. The massive surge comes as a result of Bithumb overpaying up to 100x on fees in order to consolidate hot wallet capital, which imbalances fee estimators for days subsequent to the event.

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