More

    Ethereum's Blockchain Gets Attacked, Fake EOS Token Airdrops to Blame?

    Why is EOS Accused of Attacking the Ethereum Blockchain?

    EOS, one of the most important cryptocurrency platforms in the market, has been accused of attacking the Ethereum network. Apparently, EOS is using dishonest tactics according to a research conducted by a dApp developer from PoWH3D and Fomo3D.

    In a reddit post written by the developer Justo, he explained that EOS was carrying out Airdrops of tokens with little or no value at all, which created the price of GAS used to process transactions to rise considerably. In sum, EOS was congesting the Ethereum network.

    He wrote about it:

    “Every day up until the launch of the EOS platform, which was June 6th, gas prices increased due to ‘Airdrop’ tokens. Thousands of random tokens, with no website, or bootstrapped template websites made in hours. Wasting hundreds of ethereum daily, hundreds of thousands of dollars to drop tokens. This happened until the launch of EOS; on the 6th, then immediately stopped. In one day, gas prices dropped back to normal.”

    According to Justo, EOS has been attacking Ethereum’s network every single time something they do doesn’t run properly. Apparently, the attacker was using 2 million dollars a day and owns EOS tokens.

    For example, on his investigation he mentions the ERC20 token named “IFishYunYu” that has no functionality at all. As seen in the blockchain explorers, 50 ETH of gas has been used every hour for nearly 24 hours.

    But as Justo explains,this kind of attacks are not new. He says that these situations have been applied in the past by the same group of persons:

    “So yeah, it’s one guy, it’s the creator of the token. He was doing it during the previous Coin exchange competition too. He’s running a multi-sided scheme, he even has bots running “wash” accounts,” he stated.

    At the moment there has been no information from EOS and the team behind it. It is important to mention that during June EOS migrated from Ethereum to its own blockchain network. The company was facing some challenges and issues, but it seems that the situation has now stabilized.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,368FansLike
    2,785FollowersFollow
    4,136FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Binance CEO: Once QE Money Starts Flowing, BTC's Price Will Go Up ‘Very Dramatically'

    “Since coronavirus took over, business-wise the platform is doing really well” - CZ COVID-19, QEg, depression, and countries printing a lot of money...

    South Korean Central Bank to Roll Out Pilot Program to Test CBDC Through Dec 2021

    On April 6, South Korea’s central bank has made the announcement that it started a pilot program for assessing the logistics of a central...

    Former Goldman Sachs Fund Manager Suggests Allocating 25% in Bitcoin

    When Raoul Pal, the former hedge-fund manager who founded Real Vision first learned the coronavirus was spreading rapidly, he thought, “The whole world's f---ed,”. "I...

    PwC Report Reveals 2019's Crypto M&A's Dropped Sharply; Total Value Decreased By 76%

    The 2017 market boom led to the new era of funding in the decentralized space called ICO, however as we entered the bear market...

    How Much New Inflow Bitcoin Needs to Stay at this Price Level?

    For the last 2.5 years, $400 million of new investment each month kept BTC price at $7,000, after halving it would require just...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.