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 serious blockage once again, it seems the spam strikes are back! The spam was a result of thousands of purchases from several ERC20 smart agreement which shows up to have no jobs. These mysterious project-less smart contracts have actually been spamming the Ethereum network with pointless purchases. Vitalik Buterin, the creator of Ethereum tweeted earlier today stating that the estimated price of the current purchase spam was around $15 million.

An Ethereum developer affirmed that EOS was behind the ETH network spamming. Inning accordance with the developer, EOS performed a series of token “Airdrops” causing sky-high gas prices. The developer, Justo accused EOS of purposefully attacking 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,

” Everyday up till the launch of the EOS platform, which was June 6th, gas prices raised due to “Airdrop” tokens. Countless random tokens, without internet site, or bootstrapped design template sites made in hours. Wasting numerous ethereum daily, numerous thousands of bucks to drop symbols. This occurred up until the launch of EOS, on the Sixth, then quickly stopped. In someday, gas rates hung back to typical.”

Dan Larimer, the CTO of Block.One responded to the accusation claiming EOS had no part in manipulating gas rates. He required to Telegram to refute the allegations as well as said,

” I can ensure you block one would not be so dumb to invest our sources attacking eth when all it takes is crypto kitties. There are far smarter as well as more cost-effective means at bringing eth down if that were the goal.” The statement was shared on Reddit. It is to be noted that EOS shut the week on a high and the rates rose by practically five percent in the last 24 hours.”

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

But no matter their involvement, the deal spam has cost the ETH network quite a lot of cash. According to Vitalik Buterin’s tweet, he approximates it’s around $15 million. He better clarifies on the expense sustained with some colourful similarities. Inning accordance with him, the cost of the spam was equivalent to 5 million eco-friendly teas or 75 Lamborghinis or 25 Coinbase seed rounds. Lastly, he compares the total up to 0.9% of Telegram’s ICO.

The Ethereum co maker’s tweet does not speculate on “that” or “why.” Yet the globe of crypto being a pseudonymous one means the “that” and “why” will remain unidentified. At the very least for a while, or till someone admits or some kind of OpSec fault.

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