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More than $2 million worth of Ethereum goes unclaimed

It looks like more than $2 million worth of ETH will go unclaimed.

After waiting four days, Austria-based blockchain innovation company Bitfly will distribute the proceeds of an Ethereum transaction sent with a fee of more than $2.4 million.

The transmission was one of a pair of transactions broadcast last week spending a total of more than $5.2 million in fees, raising speculation of a major undetected bug in a seldom used smart contract, or financial blackmail carried out by hackers.

The frozen transaction was initially validated by Ethermine, a mining pool managed by Bitfly. The benign hold may have ruffled some feathers among contributors to the pool—Bitfly was careful to clarify that the executive action was a one-off, and will always distribute the full block reward as outlined in their payout policy going forward.

Discussions following the first high-fee transaction on July 10 worth nearly $2.6 million focused on potential bugs in a transaction triggered automatically. A second, similarly disproportionate transaction sent the following day, however, forced observers to consider other possibilities. The July 10 transaction was mined by SparkPool, whose investigation is ongoing. Continue Reading