Ethereum Skyrocketing Fee Incidents Getting Worst With Third Such Transaction

• There have been a few unusual Ethereum transactions for the past few days.
• Experts are saying that this has happened due to some bug in Ethereum.
• Since Ethereum is a sky-high transaction fee transferring software, it
  might have fallen prey to a GasPrice ransomware attack.

There have been a few unusual Ethereum transactions for the past few days. These transactions indicate the errors in Ethereum’s working principle. With Ethereum 2.0 on the verge of launching, these transactions raise a big question mark on Ethereum.

Series of Unusual Ethereum Transactions 

F2Pool mined the latest transaction. A value of around 3221 Ether worth $766,300 was transferred with a transaction fee of 2,310 Ether ($549,456). The issue is the high transaction fee for negotiating a comparatively small amount.

This transaction happened after the two unusual transactions that took place on June 10 and June 11, respectively. The third transaction occurred after just 24 hours after the second unique transaction. Experts are saying that this has happened due to some bug in Ethereum. The third transaction differed from the two in terms of transaction fees. The first two had a transaction fee worth $2.6 million. The third transaction was only worth $549,456.

Trail Continues

The previous two transactions were as follows:

The first transaction occurred on June 10, to transact a sum of $130, $2.6 million was paid as a transaction fee. In the second transaction, to transact an amount of $86,000, a transaction fee of $2.6 million was spent. Pools associated with these transactions are Bitfly and SparkPool, respectively.

According to recent news, these transactions might be such due to a hacking attack. Since Ethereum might have fallen prey to a GasPrice ransomware attack. The reasons for it are as follows:

The primary sending address might have hacked via phishing or any other form of hacking, leading to data leak. Due to the multi-signature verification of the private key of the exchange, hackers can’t transfer vast amounts of money to themselves but can control the amount that they can send to the receiving party.

Hackers can also manage GasPrice permissions. So they blackmail the sender into giving them a certain ransom, or they will spend all the money on some other form.

Questions That Follow These Events

As Ethereum 2.0 is on its verge to release, will these bugs be fixed in it? Are there some other measures that can be done to protect the platform and its users from such incidents?

Pratik Chadhokar

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.