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Blackmail behind billions of dollars in ETH transfer fees, researchers say

June 14, 2020

The crypto community was stunned last week Three small ether transfers (ETH), with which commissions in the millions were earned.

However, recent reports have given weight to speculation that the seven-digit fee was intentionally spent as part of a blackmail scheme aimed at cryptocurrency exchanges PeckShield, the Chinese blockchain analytics company, concluded that the transactions were likely the result of extortion attempts.

The seven-digit ETH fee is added to the extortion

On June 12, Chinese media company Chainnews reported that analytics firm PeckShield concluded that the chain of commissions in the multi-million dollar range had been paid by Hackers waiting for a cryptocurrency exchange to pay them a ransom.

Blackmail behind billions of dollars in ETH transfer fees, researchers sayBlackmail behind billions of dollars in ETH transfer fees, researchers say

The report speculates that The exchange had been jeopardized in a phishing attackThis allows hackers to control the permissions of many of the platform’s operational functions, including their servers.

During lThe implementation of restrictions on multiple signatures prevented attackers from draining money from exchanges into wallets they controlledyou can make transfers to whitelisted addresses and determine the gas prices paid for these transactions.

Investigators believe hackers are at risk of emptying the wallet if they don’t get a bribe, PeakShield claims 21,000 ETH remain in the wallet under the control of hackers.

A wallet pays $ 5 million to move 355.5 ETH in 24 hours

The first transfer fee of several million dollars was raised on June 10. Fees of $ 2.6 million were paid for the move of just 0.55 ETH. A second transfer of 350 ETH was made from the same wallet within 24 hoursagain spend $ 2.6 million on gas.

The next day, the Ethereum network processed a strange third transfer, this time from a different wallet. The transaction paid 2,310 ETH to move 3,221 ether.

The bizarre broadcasts sparked a number of theories from members of the crypto communityWho tried to explain the seven-digit commissions by tracing the transactions back to vengeful acts by a former employee of the stock exchange, a human error at the time of writing, or an error in a money laundering robot.

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