The Sender of $5 Million Ethereum Transaction Fees is a Korean Exchange

Good Cycle South Korean peer-to-peer crypto exchange which is less famous behind last week’s high-charge Ethereum transactions,  PeckShield, blockchain analytics, and security company told.

PeckShield said Good Cycle looks to be a Direct Marketing Program and could be easily managed because of its safety defect – the exchange’s website uses HTTP entente besides HTTPS.

In particular, Good Cycle has also affirmed on its website that it inputs with up with “repeated” managers. Much more, the exchange has now sent two transactions to Ethermine and SparkPool with a message that says: “I am the sender.”

Two high-charge Ethereum transactions appeared in which the messenger made a payment of around $5 million. Ethermine and SparkPool ease each of the two transactions. They both first held back for the messenger to outstretch, later Ethermine circulated the charges to miners and SparkPool marked to do so on June 17 at 15:30 (GMT+8).

From when Good Cycle and SparkPool tied up through the new transaction before the time period, its residue confused what the mining pool would determine now. Bitcoinik has connected to the SparkPool and Ethermine both and as we got the next information will be shared to enlarge the story.

Its residue confused who got along Good Cycle and might have also threatened the exchange. Last week, Ethereum developer Vitalik Buterin discussed the blackmail theory: “Hackers captured partial access to exchange key; they can’t withdraw but can send a no-effect transaction with any gas prices. So they threaten to ‘burn’ all funds via fees unless compensated.”

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