Chinese FCoin Clogged the Entire Ethereum Network

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 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 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.

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Prashant Gupta

Prashant Gupta

Hey Forks! It's me Prashant, I am a college student pursuing Computer Science degree. I am a Crypto Enthusiast and Tech Geek — ♥ Love to learn and Code and I am here to empower peoples towards Technology and cryptocurrency.

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