Ethereum’s Vitalik Buterin Estimates $15 Million in Cost for Network Spam

The Ethereum Network has been facing a lot of attention because of the congestion caused by a slew of ERC20 contracts numbering in the thousands. Vitalik Buterin of Ethereum guesses the spam transactions totaled around $15 million USD in gas costs so far.

To gauge the scope of the transactions, Ethereum Network has received even more congestion this week. However, the current traffic pile up, is said to come from a mysterious, unknown source of ERC20 smart contracts that are putting out thousands of completely useless transactions.

The smart contracts are said to be sending out massive amounts of pointless tokens in quantities never before seen – just like in the case of the already hugely seen iFishYunYu spam, that has massive piles of Ether in stores to fund their actions. As of now, Vitalik Buterin has estimated the most recent spam transactions have cost a whopping $15 million USD.

In Case Of Sybil Attacks, Dan Larimer Says ‘NO’

As the word spread on the wave of congestion growing on the network, Ethereum’s community wondes if a Sybil Attack is happening. There are certain proponents happening on the allegation of fingering “EOS Whales from China” and even backers as being one of the potential parties possible.

For those on Telegram, Block.One CTO Dan Larimer wasted zero amounts of time in knocking down the idea of his company’s involvement in spam in any way, saying something along the liens of those at Block One not being dumb enough to spend the resources attacking Ethereum’s network when all it takes is CryptoKitties (a knock at the struggles with DApp in 2017).

There are other ways much smarter and cost efficient, to instill new ways to bring down Ether if need be if that was the goal of a company, according to Larimer.

As for now, the only thing for certain is that there is someone or some people who are spending a lot of money in USD to relentlessly send endless transactions across the network for no apparent reason at all. Whether anyone will ever be able to answer why anyone would want to take down the Ethereum network or why these attacks are happening is still unknown at this point in time.

What do you think? Why are these massive spam attacks occurring on the Ethereum network? Unleash your thoughts on the situation in the comments section below.

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