{"id":427215,"date":"2020-06-13T01:00:00","date_gmt":"2020-06-13T01:00:00","guid":{"rendered":"https:\/\/wncen.com\/?p=427215"},"modified":"2020-06-12T23:32:18","modified_gmt":"2020-06-12T23:32:18","slug":"new-report-two-million-ethereum-fee-fat-fingers-money-laundering","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/new-report-two-million-ethereum-fee-fat-fingers-money-laundering\/","title":{"rendered":"New Report: $2.5 Million Ethereum Fee is Neither Fat Fingers nor Money Laundering"},"content":{"rendered":"
The two Ethereum<\/a> transactions where senders paid millions of dollars in fees for transactions worth as little as $130 are widely believed to be blackmail. According to research from analytics company PeckShield, the hackers were reportedly blackmailing an unknown exchange by sending out transactions with exorbitant fees in order to circumvent the multi-signature security of the exchange and get away with the funds they stole through a phishing attack.<\/span><\/p>\n Earlier this week, separate transactions were sent on the Ethereum network that accrued over $5.6 million in <\/span>fees<\/span> for the mining pools that processed it. According to data from Etherscan, an unknown wallet sent out transactions worth just several hundred dollars, but paid tens of thousands of ETH in fees.<\/span><\/p>\n The news about the exorbitant Ethereum transaction fees spread fast through the crypto community, leading many to believe that it could be more than an honest mistake in which the sender switched the amount they wanted to send with the fee they wanted to pay.\u00a0<\/span><\/p>\n Many prominent voices in the industry noted that this could be a malicious act done by a hacker either to blackmail or cause another type of harm to a company. PeckShield, a blockchain analytics company based in China, <\/span>believes<\/span><\/a> that this is a classic case of blackmail, where the exorbitant Ethereum transaction fees were actually gas price ransomware attacks.\u00a0<\/span><\/p>\nOver $5 Million Paid in Ethereum Transaction Fees<\/strong><\/h2>\n
What Most Likely Happened<\/strong><\/h2>\n