Many transactions recently incurred millions in transaction fees on the Etheruem network, which the creator Vitalik Buterin believes may have been part of blackmail.

„So, millions of dollars‘ worth of commissions *can* really be blackmail,“ Buterin said in a tweet on June 12.

Craig Wright seems to have admitted to being responsible for the hacking of Mt. Gox.

What happened?

In proposing his theory on the situation, Buterin explained:

„Hackers gained partial access to the key of an exchange; they cannot withdraw the funds but can send ineffective text messages with any gas price, threatening to ‚burn‘ all the funds through fees unless they are compensated.
This is Ether’s third transaction with a huge commission. Will a new player have joined the game?

Multiple transactions have incurred exorbitantly high network fees

In the last few days, someone sent approximately $130 in The News Spy, the price at the time of publication, paying $2.6 million in transaction fees, another transfer totaling $86,000 in ETH followed shortly thereafter, incurring the same fee.

In a second tweet, Buterin mentioned a possible alternative explanation, „similar situations could occur in scorched earth games, including their vaults, also known as Moeser-Eyal-Sirer vaults,“ he said, labeling AVA Labs CEO Emin Gün Sirer and Technio assistant professor Ittay Eyal.

Buterin also mentioned „scenarios where hackers can cut back but not steal the stored funds.