The Latest Ethereum Network Spam Resulted in Huge Expenditure of $15m

There's yet again congestion growing on the Ethereum network, apparently because of spam outbreaks. The spam occurred from innumerable transactions that took place out of a number of ERC20 smart contracts that seemingly are without any project. These smart contracts were sending spam messages to the Ethereum Network while the transactions had no specific purpose. Ethereum founder Vitalik Buterin in a tweet dated July 16 said the computed expenditure due to the latest mass transaction messages was some USD 15m.

A developer of Ethereum claimed that EOS had a hand in spamming the Ethereum network. The developer explains there were several token "Airdrops" that EOS conducted leading to extensively high prices of gas. Justo the developer asserted that EOS had deliberately attacked ETH network.

While spewing apparently aimless tokens in bulk similar as the iFishYunYu spam that is widely referred to, the contracts have expended large volumes of Ethereum for inducing the operation. According to Buterin, the latest spam transactions resulted in huge $15m expenditure. Bitsonline.com posted this on the Web, July 16, 2018.

The ETH network getting heavily loaded for days together has told on exchanges' operations. One of them Huobi Pro even halted token withdrawals for a couple of days. A collectible game the CryptoKitties yet again raised fees tentatively during the past weekend.

After some days, the gas price at ETH network showed as normal at around 9 GWei peak when transactions were speedy. However, another smart contract iFish continues to dispatch transactions devoid of affecting the price.

Buterin additionally explains the $15m spam expenditure acquired with certain appeasing equivalencies. He says the spam expenditure could be compared to 25 Coinbase seed rounds, alternatively 75 Lamborghinis else 5m green teas. At the end he sets the cost equivalent to 0.9 percent Telegram ICO.

A tweet by co-creator of Ethereum doesn't make guesses about questions related to "who" and "why." Nevertheless, because the crypto-currency world is pseudonymous it is suggestive that the answers to "who" or "why" shall stay mysterious at a minimum for some time, else till the time somebody confesses, else some OpSec slip-up takes place.

» SPAMfighter News - 7/26/2018