ethereum

Chinese FCoin Clogged the Entire Ethereum Network

Published on July 5, 2018

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Recently Ethereum blockchain transaction fee goes pumped and reached to the sky. A Chinese exchange name Fcoin was the suspect behind it.

FCoin Clogged the Entire Ethereum Network

Over the past few days, Ethereum has been showing some abnormal behaviour and transaction cost. On observing etherscan.io we can see that miners are earning quite a lot these days as the fees been rewarding to the miners.

Before this event, the gas price was floating around 5 Gwei, but recently it raised around 50 Gwei. With this, there are a lot of pending transactions too stuck with the low fee.

What’s the consequence of the act?

Blocked the entire ethereum network and transaction goes delayed.

Transaction fee goes way higher than expected.

Fcoin Exchange

The exchange listing asked the user to deposit tokens onto the exchange as a result from a poll voting and resulting user deposit different variants of the token and interestingly most of them are ERC-20 Tokens which works on the Ethereum network.

Binance reacted

#Binance has temporarily increased Gas price on withdrawals to 180 Gwei until the congestion on the $ETH network reduces.
Withdrawal fees will remain the same during this period. pic.twitter.com/LP4rwmIhxB

— Binance (@binance) July 2, 2018

Binance a popular cryptocurrency exchange has announced that they raised the gas price on withdrawal to 180 Hwei unit to keep the transaction clear out without any stain from the exchange.

Many of the popular exchange also raised their transaction gas price in order to remain fluid and easy.