The sender of the most expensive transaction in the Ethereum network has become known

  • Korean p2p exchange Good Cycle was behind record transaction.

  • PeckShield notes the exchange is a Ponzi scam and leaves a lot to be desired.

  • It remains to be seen whether the exchange will receive its funds back.

International consortium of news organizations developing transparency standards.

The most expensive transaction in the history of the Ethereum network in terms of commission costs turned out to be a fraudulent Korean crypto exchange.


PeckShield analytics platform was able to identify the owner of the wallet in the Ethereum blockchain network, who paid a total of about $ 4 million in fees for sending two minor transactions..

According to an official Twitter announcement, PeckShield analysts have concluded that South Korean peer-to-peer cryptocurrency exchange Good Cycle is behind the most expensive transaction on the Ethereum network..


At the same time, PeckShield believes that the exchange is nothing more than a fraudulent Ponzi scheme..

Fraudulent cycle

PeckShield's investigation revealed that Good Cycle did not adhere to even basic safety standards.

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For example, the exchange uses the insecure HTTP protocol instead of HTTPS.

According to Vice President of PeckShield Chiyachi Wu, the exchange was identified by sending a transaction of 0.5 ETH, which was quickly redirected to the address that paid the record commission..

Earlier, the editorial staff of BeInCrypto wrote that on June 10, an unknown person paid over 10 thousand ETH (~ $ 2.6 million at that time) for just one operation as a commission.

[perfect_survey id =”8584″]

At the same time, the amount of the operation itself was only 0.55 ETH (~ $ 134).

The sender itself became known ...

Later, from the same address, transactions of large commission costs were again made in the amount of 3221 ETH (~ $ 750 thousand) and 2310 ETH (~ $ 540 thousand).

Nevertheless, it remains unknown whether the exchange deliberately spent a record amount on commissions or became a victim of a hacker attack..

Right moment

It is noteworthy that the record operation took place against the background of a peak level of commission costs in the Ethereum blockchain network..

In early June, the Ethereum ecosystem managed to briefly overtake the Bitcoin network’and on transaction fees.

On June 8th, the total Ethereum network fees reached $ 498,000, while Bitcoin barely reached $ 308,000.

At that time, the largest stablecoin issuer Tether (USDT) and the fraudulent cryptocurrency project MMM were named the main culprit in the growth of commissions..

At the time of this writing, the price of ETH / USD is $ 233.10.

What do you think? Will the exchange be able to return the money spent? Share your thoughts with us in the comments and join us to the discussion in our Telegram channel.


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