As things stand, the Ethereum network is experiencing an unusually heavy transaction load that has caused native GAS prices to spike.
While fluctuating gas prices are nothing new (since they change in direct proportion to market activity), a dramatic increase in the number of transactions within the Ethereum network suggests that the network may have been the victim of a coordinated attack.
A detailed breakdown of the matter
It is interesting to see that within the past week alone, Ethereum gas rates have crossed the 80 Gwei threshold, primarily due to the triggering of various smart contracts that have placed a significant load on the network and have caused transactions to be delayed quite substantially.
Ether GAS Rate Chart (Courtesy of Etherscan)
In addition to all this, experts have also pointed out that Ethereum’s native transaction capacity has been under a lot of stress because of the listing model used by Chinese cryptocurrency exchange FCoin. Not only that, many credible sources have also revealed that the ongoing price manipulation could have been caused by certain transactions that have been facilitated by ‘EOS’.
While the outcome of this latest attack remains to be seen, if EOSs involvement in the matter is further established by other sources, the company’s reputation risks being tarnished even more.