Recent transaction spam on the Ethereum network costs up to $15 million

On 16th July, Vitalik Buterin, the Co-Founder of Ethereum tweeted about the cost of the recent transaction spam on the Ethereum Network. According to his calculation, the cost comes up to $15 million.

Vitalik Buterin said:

“According to my estimates, the recent tx spam on the ETH network costs 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.”

The cost of the Ethereum network came into the limelight after the team announced on Reddit that Ethereum gas price is being manipulated. Recently, the gas price went up to almost 100 gwei. According to the post, the network witnessed a congestion after a contract ‘IFishYunYu’ sent multiple transactions to FCoin exchange. The contract had taken over 40% of the network and almost 50 ETH of gas was being used for almost 24 hours.

Many developers of the cryptoverse speculate that the main perpetrator behind the attack is EOS. Despite the fact that the CTO of EOS, Daniel Larimer stated that EOS wouldn’t spend their resources attacking ETH. They believe that the main reason behind this was to take down their biggest competitor in the market at present.

Moreover, the hike in the gas price led to the resurgence of Vitalik’s comment on the high Bitcoin transaction fees, with the community questioning him on how is allowing the gas price to skyrocket.

Juano, a Twitterati says:

“You were ok when BTC network was being spammed and congratulated BCH for the fork. Your own words regarding BTC fees: ‘I never would have imagined that fees would be allowed to rise above $0.20’ How are you ‘allowing’ this on ETH.”

Crypto UnderDoge, a Twitterati said:

“Could have also fed 5million people a 3$ meal. But hey, priorities….”

Eduardo Hernandez, CEO of Cryptoico said:

“Maybe it’s time to make the Ethereum network a bit less spammable, don’t you think Vitalik? I mean, unless you want people to start migrating to faster and more reliable networks, that is. PS: 15 million bucks to be listed on a shitty scammy exchange? Not a good strategy, IMHO.”

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