Multiple transactions recently incurred millions in transaction fees on the Etheruem network, which creator Vitalik Buterin thinks could have been blackmail. 

“So the million-dollar txfees *may* actually be blackmail,” Buterin said in a June 12 tweet.

What happened?

Proposing his theory on the situation, Buterin explained:

“Hackers captured partial access to exchange key; they can’t withdraw but can send no-effect txs with any gasprice. So they threaten to ‘burn’ all funds via txfees unless compensated.”

This story is currently developing. We will update accordingly as new information is available.