Last couple of days everyone is talking about those two big transactions of 5.2 million dollars where sender paid more than 21336 Ethereum (over 5.2 million 4 worth ) paid as a transaction fee., both transactions is done with the same fee of about $2.6 million per transaction and its become most expensive transaction fee in the cryptocurrency industry history. everyone wants to know in crypto space who is the sender of these 2 transactions. now a theory is coming in front of us and everyone talking about it with Ehereum co-founder Vitalik Butrain also agrees with this theory.
the theory is that this incident has all the markings of an exchange that lost control of its private key and is being blackmailed. According to Ethereum’s co-founder, Vitalik Buterin, these “million-dollar tx fees *may* actually be blackmail.”
His theory assumes that the sending address belongs to a cryptocurrency exchange, to which hackers have “captured partial access to exchange key.” Since they don’t have the full key, “they can’t withdraw but can send no-effect txs with any gas price.”
In essence, the hackers would leverage their ability to send transactions of the kind and “burn” all funds “unless compensated.”
So the million-dollar txfees *may* actually be blackmail. The theory: hackers captured partial access to exchange key; they can't withdraw but can send no-effect txs with any gasprice. So they threaten to "burn" all funds via txfees unless compensated.
When asked how this partial key would like, Buterin answered that “the key could be stored in some kind of cloud server instance that has a non-root account that’s capable of only withdrawing to particular addresses.”
It’s important to note that this is just a theory, and Buterin hasn’t made any claims. He also clarified that this could happen on any platform and not only on Ethereum.
Vitalik tweet link