A single account with what looks like a meaningless shuffling of funds between wallets is consuming a significant share of Ethereum resources. The Ethereum network is once again undergoing what looks like a spam attack.

A single address is sending and receiving transactions, consuming 24.85% of the gas, based on data from the Ethereum gas station. This was the peak value in the early hours on Tuesday UTC, and later the transactions started to gradually decrease their gas use.

While in the past increased activity was linked to airdrops or other project-related transactions, this time, the usage looks like outright spam, which was also reflected in the comments on Etherscan. Another user explored the transactions and noticed a pattern of repeating wallet addresses, loaded with Ethereum to pay for the fees: “It’s a botted ring wallet system with nearly 150,000 to 200,000 ethereum in it.

The bots translate random addresses to other random addresses and random amounts of eth to make them difficult to spot on block history. I don’t have the tools to tell you where it came from,” wrote user PoWH3D.

The Ethereum network is seeing a relatively high level of transactions in the past 24 hours, though still below 700,000. The price for fast transactions was raised slightly, though the safe cost for a transaction remains $0.017. Read more from cryptovest.com…

thumbnail courtesy of cryptovest.com