Recent transaction spam on the Ethereum network cost up to $15 million: Vitalik Buterin

Home » News » Recent transaction spam on the Ethereum network cost up to $15 million: Vitalik Buterin
July 17, 2018 by
Recent transaction spam on the Ethereum network cost up to $15 million: Vitalik Buterin

The Ethereum Network is experiencing severe blockage once again, it appears the spam strikes are back! The spam was a result of hundreds of transactions from numerous ERC20 clever agreement which shows up to have no tasks. These mystical project-less clever agreements have been spamming the Ethereum network with aimless purchases. Vitalik Buterin, the creator of Ethereum tweeted earlier today saying that the estimated cost of the recent deal spam was around $15 million.

An Ethereum programmer alleged that EOS was behind the ETH network spamming. According to the developer, EOS carried out a collection of token “Airdrops” leading to sky-high gas rates. The programmer, Justo charged EOS of purposefully assaulting the Ethereum network.

See Also: Ethereum co-founder Vitalik Buterin comes up with seven difficult questions for the cryptoverse

In an interview with TrustNodes, Justo claimed,

” Daily up until the launch of the EOS system, which was June Sixth, gas rates raised due to “Airdrop” symbols. Countless arbitrary symbols, without internet site, or bootstrapped layout sites made in hrs. Squandering numerous ethereum daily, thousands of thousands of dollars to go down symbols. This took place up until the launch of EOS, on the 6th, then quickly stopped. In someday, gas rates dropped back to normal.”

Dan Larimer, the CTO of Block.One replied to the accusation claiming EOS had none in manipulating gas costs. He took to Telegram to refute the allegations and said,

” I can ensure you block one would not be so dumb to invest our sources assaulting eth when all it takes is crypto cats. There are much smarter as well as a lot more cost-efficient means at bringing eth down if that were the goal.” The declaration was shared on Reddit. It is to be noted that EOS closed the week on a high and the costs went up by nearly five percent in the last 24-HOUR.”

See Also: Ethereum (ETH) gas prices come down after suspected transaction spam attack by EOS

But regardless of their involvement, the transaction spam has actually set you back the ETH network quite a great deal of cash. Inning Accordance With Vitalik Buterin’s tweet, he estimates it’s around $15 million. He better elaborates on the cost sustained with some vibrant equivalencies. According to him, the price of the spam was equivalent to 5 million eco-friendly teas or 75 Lamborghinis or 25 Coinbase seed rounds. Lastly, he contrasts the total up to 0.9% of Telegram’s ICO.

The Ethereum carbon monoxide designer’s tweet does not speculate on “who” or “why.” Yet the world of crypto being a pseudonymous one indicates the “that” and “why” will remain unidentified. At the very least for a while, or up until someone admits or some sort of OpSec fault.

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