Founder Vitalik Buterin explained why ETH transactions spent millions of dollars on fees

Founder Vitalik Buterin explained why ETH transactions spent millions of dollars on fees

By Lềm Thị Phiến | An an | 15 Jun 2020


Yes, in the past few days, there have been 3 transactions of transferring Ethereum with a huge transaction fee. Two of these three transactions cost the same $ 2.6 million, sent from the same wallet address. Also, the third transaction comes from a different address and has a lower fee than the previous two transactions.

What happened on the Ethereum blockchain?

A few days ago, an unknown address made a transfer order of 0.55 ETH with a transaction fee of 10,668 ETH (equivalent to US $ 2.6 million). Many people believe that this may be an unfortunate mistake of the transferer, but, the next day, this address continues to make a transfer of 350 ETH at a "terrible" fee.

A user had to pay $ 2.6 million for the 0.55 ETH transfer

Thus, this address paid a total of $ 5.2 million in fees for two transactions totaling 350.55 ETH.

If this is not "strange" enough and intriguing, the third transaction reappears. This transaction came from another address, transferring 3,221 ETH at a transaction fee of 2,310 ETH (approximately $ 550,000).

Facing these strange phenomena, the founder of Ethereum could not stand out. In a recent tweet, Vitalik Buterin made his inference.23de130261b1de945f1c7fec5fefa67f11b1190164de985272413ac9ae2ab7e8.jpeg


According to Vitalik Buterin, a transfer order with millions of dollars in fees could be aimed at extortion. Buterin contends that the sending address belongs to an exchange but it has been partially hijacked by hackers. Because hackers don't have enough keys,

"They cannot transfer the full amount of money, they can only execute remittance orders at any transaction fee."

When asked what the partial key is like: Buterin said:

The key can be stored on cloud servers with non-root accounts - only able to withdraw funds to specific addresses. Therefore:

Hackers can only transfer money to the wallet address has been saved to the list available but can not transfer money to their own address.

In essence, hackers will take advantage of their ability to send transactions at such a huge fee to "burn" victims' money until they reach their goal.

Buterin adds that this situation can happen on any blockchain, not just Ethereum.

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