Ethereum Network Under Assault: Gas Price Manipulation May Indicate Covert EOS Attack

The Ethereum network is currently under heavy load as gas prices soar due to a flood of transactions.

While Ethereum gas prices and transaction load typically fluctuates in accordance with market activity, a dramatic surge in suspicious transaction volume suggests that the Ethereum Network may be the target of a coordinated attack - with experts providing evidence that Ethereum competitor EOS could be to blame.

Over the last week, Ethereum gas prices skyrocketed beyond 80 Gwei, causing Ethereum transaction costs to rise.

Ethereum transaction capacity has been heavily stressed recently due to the listing model used by Chinese cryptocurrency exchange FCoin, which has drawn criticism from the crypto community for flooding the Ethereum network with insignificant transactions.

The Ethereum network, states Team JUST, is currently under attack, citing evidence of gas price manipulation driven by a series of network participants associated with Ethereum's biggest competitor - EOS.Ethereum Under Attack.

In an announcement published July 14 via the Team JUST Discord, lead designer "Justo" outlined an analysis of the current state of the Ethereum network, highlighting a contract that, at the time of the report, was monopolizing 40% of Ethereum network capacity.

The Ethereum network isn't simply suffering under an onslaught of transaction spam caused by poor exchange listing practices, hypothesizes Justo, but is the target of a sustained corporate network attack executed by bot accounts funded directly by EOS."Airdrop" Tokens Spam Ethereum Network.

Team JUST identified one of the accounts funding the process, locating a wallet that appears to receive large sums of EOS and then immediately markets sells them for ETH, which is then distributed out to contracts that subsequently use it to spam the Ethereum network.

"We pioneered the bonded Ethereum token model where a smart contract holds the value of the token in Ethereum. Daniel Larimer seems to have taken it for EOS ram, and they didn't understand the economics of it so it's having a rough time. We had some developers reach out to us and ask us if we wanted to try to talk to EOS about fixing the EOS ram model."

"We can say that consistently, 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 luck. with enough money, you can force the market in any direction you please".