A bit of-known South Korean peer-to-peer crypto trade Good Cycle is behind the final week’s high-fee Ethereum transactions, in line with blockchain analytics and safety agency PeckShield.
PeckShield stated Good Cycle seems to be a Ponzi venture and might be simply hacked due to its safety flaws – the trade’s web site makes use of HTTP protocol as an alternative of HTTPS.
Notably, Good Cycle has additionally confirmed on its web site that it suffered “repeated” hacks. Furthermore, the trade has now despatched two transactions to Ethermine and SparkPool with a message that claims: “I’m the sender.”
Final week, two high-fee Ethereum transactions passed off through which the sender spent round $5 million. Mining swimming pools Ethermine and SparkPool facilitated every of the 2 transactions. They each first waited for the sender to succeed in out, later Ethermine distributed the charges to miners and SparkPool determined to take action on June 17 at 15:30 (GMT+8).
Since Good Cycle contacted SparkPool through the brand new transaction earlier than this time restrict, it stays unclear what the mining pool would determine now. The Block has reached out to each SparkPool and Ethermine and can replace this story ought to we hear again.
It stays unclear who hacked Good Cycle and may need additionally blackmailed the trade. Final week, Ethereum creator Vitalik Buterin defined the blackmail concept: “Hackers captured partial entry to trade key; they can not withdraw however can ship no-effect txs with any gasprice. In order that they threaten to ‘burn’ all funds through txfees until compensated.”
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