Ethereum whale buys $38M as fees hit 2026 high after Binance breach

The Binance breach led to a surge of activity across Ethereum [ETH], pushing daily fees to a 2026 high. This surge resulted in record-breaking daily costs at $47.3 million on the 30th of October. These costs were higher than the previously reported February cost of $34.5 million by 37.1%. The spike was due to hackers rapidly converting stolen funds into tokens and subsequently executing trades on the network. The increase in trading activities increased competition for arbitrage and MEV bot traders who seek profit from the opportunity to execute their trades quickly.