Ethereum community below assault: The manipulation of the gasoline value can point out a covert EOS assault [INTERVIEW]

The Ethereum network is currently under heavy load as gas prices rise due to a flurry of transactions. While Ethereum’s gas prices and transaction load tend to fluctuate according to market activity, a dramatic increase in suspicious transaction volume suggests that the Ethereum network may be the target of a coordinated attack – with experts proving that Ethereum’s competitor is , EOS, could be to blame.

In the past week, Ethereum gas prices have risen over 80 Gwei, which has resulted in an increase in Ethereum’s transaction costs. The amazingly high gas prices are caused by a series of smart contracts that put a heavy load on the network and delayed transaction confirmation times.

Ethereum gas prices via Etherscan

Ethereum’s transaction capacity has been heavily strained recently due to the listing model used by the Chinese cryptocurrency exchange, FCoin, which has been criticized by the crypto community for flooding the Ethereum network with insignificant transactions.

Related: MyCrypto Condemns Chinese Exchanges For Spam And Overloading Ethereum

However, a new study published by the dApp development team JUST provided further insight into the cause of the congestion on the Ethereum network. The Ethereum network, according to Team JUST, is currently under attack, citing evidence of gas price manipulation caused by a number of network participants associated with Ethereum’s largest competitor – EOS.

Ethereum under attack

In an announcement released on July 14th via Team JUST Discord, chief designer “Justo” outlined an analysis of the current state of the Ethereum network and highlighted a contract that monopolized 40% of Ethereum network capacity at the time of the report .

As a “beautiful and innovative copy and paste of a standard ERC20 standard token called“ IFishYunYu ”without functions”, the token does not seem to have any effect.

“It appears that tons of“ unique ”accounts are constantly transferring huge amounts of this token. Almost 50 ETH gas per hour have been used continuously for almost 24 hours. Just to transfer individual tokens to the Fcoin exchange. Of course. The exchange is just a red herring that will distract you from what is really happening. “

What is really happening, according to Justo, the lead developer of Team JUST, is a malicious attack on the Ethereum network. Team JUST, a distributed app developer, is the team behind Fomo3D and P3D, the two highest-volume games on the Ethereum network. Not only is the Ethereum network suffering from an onslaught of transactional spam caused by poor listing practices, Justo suspects, but it is the target of an ongoing corporate network attack carried out by bot accounts funded directly by EOS.

“Airdrop” token Spam Ethereum Network

In an interview with CryptoSlate, Justo decoded the evidence gathered by the JUST team and their perspective on the relationship between congestion on the Ethereum network and potential EOS-controlled interference:

“Team JUST is a decentralized application development team. We have long been disappointed with EOS as it is visibly attacking the Ethereum network. “

While there is no such thing as a “smoking weapon” that provides irrefutable evidence that EOS is targeting Ethereum with a network attack, Justo cites a “climax of the evidence” pointing to a correlation between major EOS events and gas price spikes in Ethereum:

“A good example is that, as developers, we had a release date that was approaching the EOS release date. The gas prices were 1-2 gwei for months. We accurately predicted that EOS will likely attempt to manipulate ETH gas prices in the month leading up to their final publication on the mainnet. “

Team JUST highlights the accidental emergence of “Airdrop” tokens that are being delivered en masse over the Ethereum network and the EOS launch:

“Almost two weeks before EOS was released, a multitude of“ airdrop ”tokens appeared out of nowhere. If you look at these tokens, the sites are absolutely ridiculous – full of typos and copied bootstrap templates – but the tokens somehow had enough Ethereum to blow up tens of thousands of dollars in gasoline prices for days. “

According to Justo, EOS was unable to set up a mainnet properly. The EOS Project’s failure to get a majority vote to launch the EOS mainnet and other EOS issues goes together predictably with the release of new “Airdrop” spam tokens, according to Team JUST:

“Every time EOS went wrong, 2-3 more ‘Airdrop’ tokens would appear, appear, increase the price of gas for a day, and disappear.”

There is evidence that EOS is being used to fund airdrop spam

Team JUST’s investigation focuses on the creator of the iFish contract, which currently consumes almost half of Ethereum’s network capacity. The contract creator minted almost 5 billion iFish tokens on July 3, 2018 and distributed the newly generated tokens to 10 separate addresses, which then distributed the tokens to 500 to 600 other addresses.

iFish token transfer via Etherscan

These addresses, according to Team JUST, are the “mysterious” accounts that are spamming the Ethereum network:

“It’s a guy, it’s the creator of the token. He also did it during the previous Fcoin exchange contest. He runs a varied program. “

Interestingly, these addresses serve no other function than simply moving tokens among themselves to create an artificial volume, with bots doing laundering accounts:

“He even has bots doing ‘wash’ accounts … which is pretty cool, it just pushes the token into other accounts, and those accounts then push it into other accounts and then back to the main big account to get the volume up to simulate the token itself. If you try to follow a transaction, you go straight back to the Big Daddy account. “

iFish volume generation in action via Etherscan

However, the most fish-rich element of the iFish spam mechanism is the source of Ethereum, which the accounts use to fund the incredibly high gas fees required to carry out the alleged attack.

The team has identified ONLY one of the accounts funding the process. It found a wallet that apparently receives large sums of money from EOS and then immediately markets it for ETH. These are then distributed to contracts which they then use to spam the Ethereum network.

Token spam for funding EOS wallets through Etherscan

However, it’s not just the iFish token that is spamming the Ethereum network. Team Just also identified HashFuture, which is currently absorbing 20% ​​of the Ethereum network. HashToken is funded by a wallet that holds hundreds of ETH and is linked to Nebulas. Several of the tokens on Nebulas, Justo said, trace back to the same wallet, which is directly linked to the accounts that are spamming the Ethereum network.

“The wallet in which the iFish tokens are distributed has a volume of hundreds of eth – literally incoming hundreds of thousands of dollars, outgoing hundreds of thousands of dollars. It’s clearly not just a random guy with a token he made. “

The enormous amounts of EOS used to fund the overt Ethereum network attack, according to Justo, are proof that EOS is responsible:

“If you had 2-3 million Ethereum it would be your biggest competitor and you could manipulate it to make it look worse, right? There is no other answer. “

EOS is “destructive” for the cryptocurrency

Team JUST is no stranger to the EOS platform – the EOS RAM model states that Justo is a full clone of the team’s P3D project, which led EOS to seek support from the team:

“We pioneered the bound Ethereum token model, where a smart contract contains the value of the token in Ethereum. Daniel Larimer seems to have taken it for EOS RAM and they didn’t get the economics so it’s having a hard time. We had some (I think) developers reaching out to us and asking if we would like to try and talk to EOS about repairing the EOS RAM model. “

While Justo and team ONLY make it clear that they cannot guarantee that EOS.IO will “finance” the overt attack, they are certain that many of the business practices they employ are “very damaging to the cryptocurrency space.”

“We can consistently say that there is a large amount of Ethereum and money from players with large amounts of Ethereum and seemingly consistent connections to EOS who are interested in manipulating the market … whales in crypto make their own fortune. With enough money, you can force the market in any direction you want. “

Get one Edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Sign up now for $ 19 / month. Discover all the advantages Secure your wealth: Invest in a Crypto Index Fund

Do you like what you see? Subscribe to updates.

Comments are closed.