Last week, the crypto community spotted transaction fees of up to $2.6 million featured in several transactions on the Ether (ETH) network. Vitalik Buterin has since suggested that the abnormous fees “may actually be blackmail,” but some researchers have now challenged that claim. Blackmail theory The first suspicious transfer took place on June 10, when
Ray Schuetz
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.
Almost all markets across the world have been in turmoil owing to the economic uncertainties brought about by the coronavirus pandemic, and in that regard, the crypto market has been no different. However, one of the major cryptocurrencies to have made a remarkable recovery since hitting its lowest levels in March is Ethereum (ETH), and
The world of cryptocurrencies has developed at a breakneck pace over the past few years, and now it has emerged that tech behemoth Microsoft (NASDAQ:MSFT) is going to work with Ethereum to create new digital assets. Until a few years ago, it was almost unthinkable that one of the biggest companies in the world was
In brief: The DeversiFi Exchange is now live. It utilizes the ZK-Rollup Layer 2 Scalability Solution on Ethereum. It can handle 9,000 transactions per second and more. Traders can trade directly from the ETH Wallets such as MetaMask, Ledger, and Keystone. Privacy is further guaranteed through the use of StarkWare zkSTARKS technology. As the Ethereum
Craig Wright, the self-proclaimed Satoshi Nakamoto candidate and chief scientist at NChain, has addressed the recent allegations about him hacking the now-defunct exchange Mt. Gox. Last week, a lead maintainer of Monero (XMR) privacy coin Ricardo Spagni tweeted out court documents suggesting Craig Wright’s affiliation with a Mt. Gox-related Bitcoin (BTC) wallet known as “1Feex”:
The government of Kazakhstan has set a goal to attract $738 million from investments in cryptocurrency related mining activities over the next three years. According to the Astana Times on June 16, Kazakhstan’s Minister of Digital Development, Innovation and Aerospace Industry, Askar Zhumagaliyev, revealed the plan in an address to the upper house of the
Jerome Powell, the chairman of the Federal Reserve, reported on the state of the economy at a Senatorial hearing held on June 16. During the initial report on the state of the economy and the actions taken by the Fed in response to the Coronavirus crisis, the chairman listed all of the extraordinary measures adopted
In brief: Since January 2020, Tether’s market cap has more than doubled from $4 Billion to $9.187 Billion. This is an increment rate of approximately $1 Billion per month. Ethereum’s market cap is currently at $27 Billion and theoretically, it could take USDT another 18 months to catch up. Demand for USDT will increase with
The narrative around blockchain technology as a great enabler of cross-sector innovation has endured since the technology’s perceived potential was assertively decoupled from fluctuations in the price of Bitcoin (BTC) in 2018. The game of word association that intrinsically linked Bitcoin to blockchain has evolved significantly since then, broadening the scope of understanding around the
In summary: Ethereum has started off the month of June with sideways movement. This movement could be a precursor to another attempt at breaking and holding $250 as support. There is additional fundamental bullishness as investors anticipate staking on ETH2.0. The month of June is now in its second week and Ethereum’s price is in
Quick take: Earlier today, 0.55 ETH was transferred for a transaction fee of 10,668.73 ETH. This translates to approximately $2.6 Million in fees paid for a transaction worth $134. Although initially seen as a mistake, questions still linger on other possible explanations. A transaction on the Ethereum blockchain has crypto enthusiasts scratching their heads as
Quick take: Earlier this week, an Ethereum transaction with a $2.6M fee shocked the crypto community. A second transaction from the same ETH address also paid $2.6M in Ethereum fees. Also in the same week, a third transaction from a separate ETH address paid $540,000 to send 3,221 in ETH. Ethereum Improvement Proposal 1559 aims
In brief: Ethereum held the $228 support zone earlier this week when Bitcoin dropped to $9,110. With BTC exhibiting bearish signs, a drop could cause Ethereum to break this support zone. Once broken, the 50-day moving average provides adequate support at around $218. Ethereum is still holding its own in the crypto markets ahead of
Quick take: Three Ethereum transactions with high ETH fees were mined last week. StarkPool and Ethermine mined two of the transactions and had requested the sender to contact them for possible discussions. Almost a week later, the sender has not reached out and both mining pools have opted to distribute the fees to miners. Ethermine
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