THELOGICALINDIAN - A Ponzi arrangement was abaft the abstruse affairs and Go Ethereum is ensuring it never happens again
A South Korean Ponzi arrangement owns the abode from which the two affairs with $5 actor of Ethereum fees originated. Ethereum developers accept already created a band-aid to anticipate agnate situations in the future.
Mystery of Million Dollar Transactions Unravels
The sender of the Ethereum affairs with $5 actor transaction fees is Good Cycle, a South Korean P2P cryptocurrency exchange, said Peckshield.
Further analysis from Peckshield appear Good Cycle isn’t alike an exchange, but a Ponzi arrangement masquerading as an exchange.
Earlier in the week, someone sent out two Ethereum affairs with fees of $2.5 actor each. The coursing began to acquisition the article abaft the abode as experts offered their booty on why this happened.
From a adulterated calligraphy to a fat-finger error, there were several theories. But alone one stood out.
Peckshield believed this was the aftereffect of an barter accident fractional ascendancy of its wallet. The hacker couldn’t absolutely abduct the funds because the aboriginal buyer whitelisted a few addresses for approachable transactions.
To acquire a bounty, Peckshield believed the hacker was blackmailing the aboriginal buyer by sending funds to whitelisted addresses but with an big-ticket transaction fee. Vitalik Buterin corroborated this theory.
With PeckShield acknowledging the character of the afraid address, this approach has angry out to be true.
Good Cycle has, however, bootless to acquaintance the miners who accurate the blocks with those transactions. As a result, the miners who initially absitively to acknowledgment the fee if the sender apprenticed them concluded up disbursing the gain to the participants of its mining pool.
Go Ethereum Has a Solution
Ethereum bulge software Go Ethereum has aerated up a simple solution to ensure contest like this don’t appear in the future.
A new advancement to the applicant introduces a affection area the software rejects affairs with a fee college than one ETH.
One ETH is $235 at the time of writing, which is a reasonable beam for transactions.
There are still means a hacker could bribery exchanges with fees. For instance, if the hacker were to spam the blockchain with assorted one ETH transactions, rather than a distinct huge transaction, it would still accept the aforementioned net effect.
But conceivably this gives the exploited article added time to achieve ascendancy of their abode and anticipate added bleeding.
