- EOS user with the moniker “fuckhacker.x” orchestrated a fake transaction worth nearly $4 trillion
- The transaction reportedly got broadcast before block producers could remove it
On Monday ‘Whale Alert’, a Twitter account with 53K followers, dedicated to tracking and posting details of massive crypto transactions on social media, announced via a tweet that 1 trillion EOS tokens worth nearly $4 trillion had been transferred from an unknown wallet to a hidden recipient, only to discover later that the transaction was faked.
Block producers late to act
Per sources close to the matter, EOS user with the moniker “fuckhacker.x” carried out a large fake transaction involving 1 trillion tokens worth nearly $4 trillion.
Though block producers managed to detect and remove the transaction, the transaction had already been broadcast before they could act.
Community reactions
Whale Alert tweeted:
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 1,000,000,000,000 #EOS (3,661,729,952,714 USD) transferred from Unknown wallet to Unknown wallet
— Whale Alert (@whale_alert) March 11, 2019
The tweet triggered lots of reactions from the crypto community. However, some eagle-eyed crypto experts were quick to point out that it is entirely impossible for such a massive transaction to be conducted on the EOS blockchain since according to CoinMarketCap, the fifth largest cryptocurrency in the world has a total supply of just 906.25 million tokens.
In response, @Crypto_Progress tweeted:
Big fake transaction , and newbies are going to FOMO
— CryptoXRP Analysis – XRPodcast #XRP / #ETH / #BTC (@Crypto_Progress) March 11, 2019
Notably, fuckhacker.x was able to create a fake transaction due to the fact that the EOS network supports deferred actions. Whale Alert concluded:
An EOS user named "fuckhacker.x" figured out how to create a large fake transaction, but it seems EOS was able to detect it. Unfortunately, the transaction was broadcasted before it was removed. We have built in an extra check to prevent it from happening again.
— Whale Alert (@whale_alert) March 11, 2019
For the uninitiated, as the name implies a deferred action or transaction is an action that is scheduled by a contract to be executed at a later date and time, and there is no guarantee whatsoever that the operation will be executed, as the nodes could decide to drop the transaction. As stated on the EOS Dev Portal:
“Deferred actions get scheduled to run, at best, at a later time, at the producer’s discretion. There is no guarantee that deferred action will be executed.”
Though the EOS blockchain network keeps gaining traction in the cryptospace, it’s worth noting that the platform has received its fair share of criticisms.
At press time the price of EOS sits at $3.57, with a market cap and 24-hour trading volume of $3.24 billion and $1.55 billion respectively.