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Analytics Company Says The Appalling Transaction Fees May Be Hacker Attacks

Dawn Wu

Summary: The absurd three transaction fees of 23,644 ETH, valued at over $5.6 million, might have been hackers’ attack against an exchange for ransom, per PeckShield.

The absurd three transaction fees of 23,644 ETH, valued at over $5.6 million, might have been hackers’ attack against an exchange for ransom, per PeckShield.

Chinese crypto media platform ChainNews published an article of blockchain analytics company PeckShield which expounded that hackers might be extorting a crypto exchange for ransom to stop its outrageous commissions.

As Decrypt explained in a report, when hackers found a way to access an exchange’s funds, they may not be able to transfer tokens directly to their accounts due to system protection. However, they could send money with staggering transaction fees to waste the storage of the exchange and blackmail the platform for a payoff to stop its attack.

By Dawn Wu

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