Ethereum network might be under spam attack
There are high chances that the Ethereum network is under spam attack. A single account is sending as well as receiving transactions and consuming 24.85 percent of the gas, according to Ethereum gas station data, Cryptovest reported. The value was noted in the early hours of Tuesday (UTC). Later, the transactions decreased their gas use gradually.
Though in the past, such increased activity has been linked to airdrops and other transaction-related projects. However, this time it appears to be spam. Also, some users on Etherscan commented on it speculating the same. A user commented asking, “What is this? It's spamming the entire network. Looks like a PlayerBook clone, but makes no sense, it's registering weird names.”
In the past 24 hours, the Ethereum network saw a relatively large number of transactions. According to Cryptovest report, the fast transactions price was raised a bit. However, the safe cost for transaction remains $0.017. Only if someone wants a faster transaction, the fees might be higher.
Another user PoWH3D on Etherscan wrote, “It’s a botted ring wallet system with nearly 150,000 to 200,000 ethereum in it. The bots translate random addresses to other random addresses and random amounts of eth to make them difficult to spot on block history. I don't have the tools." The spam suspicions are high because very rarely network gas usage go above 20%, even for the best-used apps. If it's a spam attack, the cost might be around $20,000, considering the amount of ETH sent and received -- 150,000 ETH.
The most recent spam attack on Ethereum was confirmed by the co-founder, Vitalik Buterin on July 17. Adding to that, he mentioned that the estimated cost of the transaction spam was around $15 million. He wrote, "According to my estimates, the recent tx spam on the ETH network cost up to ~$15m USD (~= 5m green teas, ~75 lambos, ~25 Coinbase seed rounds, ~0.9% of Telegram ICO) Free market principles prevent me from being too upset at someone using the ETH blockchain as they wish, but wow."
Image via Shutterstock
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