Recent transaction spam on the Ethereum network cost up to $15 million: Vitalik Buterin
The Ethereum Network is experiencing severe congestion again, it seems the spam attacks are back! The spam was a result of thousands of transactions from several ERC20 smart contract which appears to have no projects. These mysterious project-less smart contracts have been spamming the Ethereum network with aimless transactions. Vitalik Buterin, the founder of Ethereum tweeted earlier today saying that the estimated cost of the recent transaction spam was around $15 million.
An Ethereum developer alleged that EOS was behind the ETH network spamming. According to the developer, EOS conducted a series of token “Airdrops” resulting in sky-high gas prices. The developer, Justo accused EOS of intentionally 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 said,
“Every day up until the launch of the EOS platform, which was June 6th, gas prices increased due to “Airdrop” tokens. Thousands of random tokens, with no website, or bootstrapped template websites made in hours. Wasting hundreds of ethereum daily, hundreds of thousands of dollars to drop tokens. This happened up until the launch of EOS, on the 6th, then immediately stopped. In one day, gas prices dropped back to normal.”
Dan Larimer, the CTO of Block.One responded to the accusation saying EOS had no part in manipulating gas prices. He took to Telegram to refute the allegations and said,
“I can assure you block one wouldn’t be so stupid to spend our resources attacking eth when all it takes is crypto kitties. There are far smarter and more cost-effective ways at bringing eth down if that were the goal.” The statement was shared on Reddit. It is to be noted that EOS closed the week on a high and the prices went up by almost five percent in the last 24 hours.”
But regardless of their involvement, the transaction spam has cost the ETH network quite a lot of money. According to Vitalik Buterin’s tweet, he estimates it’s around $15 million. He further elaborates on the cost incurred with some colourful equivalencies. According to him, the cost of the spam was equivalent to 5 million green teas or 75 Lamborghinis or 25 Coinbase seed rounds. Lastly, he compares the amount to 0.9% of Telegram’s ICO.
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.
— Vitalik “Not giving away ETH” Buterin (@VitalikButerin) July 16, 2018
The Ethereum co creator’s tweet does not speculate on “who” or “why.” But the world of crypto being a pseudonymous one means the “who” and “why” will remain unknown. At least for a while, or until someone confesses or some kind of OpSec slip-up.
Image via Shutterstock
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