What Is All The Hype Around Mainnet Launches? Three High Profile Mainnet Launches: EOS, Vechain, Ontology and their Subsequent Reactions Discussed.
X-Post from Team JUST discord (they make popular decentralized applications)
EDUCATIONAL: Hey @everyone, we know gas prices are astoundingly high today. Let’s have a bit of an adventure and find out why shall we?
Today, 40% of the ethereum’s network is being used by this contract [https://etherscan.io/address/0x98b4ca8bd52e4ed1f28d3f30d9f567d1166c9483](https://etherscan.io/address/0x98b4ca8bd52e4ed1f28d3f30d9f567d1166c9483) A beautiful and innovative copy-paste of a default ERC20 standard token called “IFishYunYu” with no features. (So it does nothing.)
Yet miraculously, it seems tons of “unique” accounts are transferring massive volumes of this token constantly, almost 50 ETH of gas an hour have been steadily used for nearly 24 hours now. Just to transfer individual tokens to the Fcoin exchange. But of course. The exchange is just a red herring to distract you from what’s really happening.
Let’s see what the creator of this contract has been up to recently. [https://etherscan.io/tx/0xd0e334dca734071f395cad64df90269113ead321232e5603f66fc6fb2885c654](https://etherscan.io/tx/0xd0e334dca734071f395cad64df90269113ead321232e5603f66fc6fb2885c654) Looks like he minted nearly 5 Billion Ifish tokens about 12 days ago… to this account 0x45f64a7148d1cfeded427dd4380b458877e7ce56 which split it up across 10 or so accounts, that each do this [https://etherscan.io/token/0x98b4ca8bd52e4ed1f28d3f30d9f567d1166c9483?a=0xcd4777b5f4d8779e99ea996bb32988daf0bbbf3b](https://etherscan.io/token/0x98b4ca8bd52e4ed1f28d3f30d9f567d1166c9483?a=0xcd4777b5f4d8779e99ea996bb32988daf0bbbf3b) splitting it up across 500-600 accounts each.
Which are, the mystery “unique” accounts that are spamming the eth network. So yeah, it’s one guy, it’s the creator of the token. He was doing it during the previous Fcoin exchange competition too. He’s running a multi-sided scheme, he even has bots running “wash” accounts. Like [https://etherscan.io/address/0xa67ef2aca4c6459e60821c1b1afe45812c4c1bcd#tokentxns](https://etherscan.io/address/0xa67ef2aca4c6459e60821c1b1afe45812c4c1bcd#tokentxns) which is pretty cool, it just shoves the token into other accounts, and then those accounts shove it into other accounts, and then back to the big main account to simulate volume on the token itself. Try following a transaction, you’ll come right back to the big-daddy account.
most importantly on why is this being done? Let’s see what one of the accounts funding all this eth might be doing [https://etherscan.io/token/0x86fa049857e0209aa7d9e616f7eb3b3b78ecfdb0?a=0x7a717e226a8b37b912d0effbb0aab24ab690dbdb](https://etherscan.io/token/0x86fa049857e0209aa7d9e616f7eb3b3b78ecfdb0?a=0x7a717e226a8b37b912d0effbb0aab24ab690dbdb) gee, that sure is a lot of crowdfunded EOS, hundreds of thousands to be exact. From an account that seems to receive large sums of eos and immediately market sell them for thousands of ETH, which is then distributed out to contracts like this. Contracts that have been pulling this kind of transaction attack consistently across the ETH network.
[(Lastly, they finished it with a fresh OC image of Vitalik in sunglasses that should exist if they don’t already)](https://imgur.com/a/CzfUMXh)
Credit: [Team JUST discord] (Developers of P3D and Fomo3D, the two highest volume decentralized games on ETH right now, so gas is hitting the community hard)