The privacy-focused cryptocurrency Zcash (ZEC) has been hit by a spam attack that floods blocks with secure transactions with hundreds of outputs.
The zcash spam attack continues. Almost every block contains a shielded transaction with hundreds of outputs. In doing so, the spammer can successfully blow up the size of the chain by maxing each 2mb block every 75 seconds. The cost of each spammed transaction? Less than a cent.
— xenu (@xenumonero) October 5, 2022
“The spam attack on Zcash continues. Almost every block contains a secure transaction with hundreds of outputs. At the same time, the spammer successfully increases the size of the chain, maximizing the block to a size of 2 MB. Spam transaction cost? Less than a cent,” wrote a user under the pseudonym xenu.
Experts found it difficult to determine the purpose of the attack. Researcher Nick bax.eth of Convex Labs identified three possible motives:
- for fun;
- to make a profit through short positions in Zcash – problems in the operation of the blockchain may lead to a fall in the price of the cryptocurrency;
- make it difficult to run nodes, which will make it easier to spy on the network and make it more accessible eclipse attack.
1. For the lulz.
2. For profit (short ZEC, nodes go down, people criticize ZCash).
3. Make it harder for people to run nodes, which makes network-level surveillance or even eclipse attacks more viable.
— Nick bax.eth (@bax1337) October 5, 2022
According to CoinGecko, over the past 24 hours, Zcash quotes have decreased by 1.5%. The coin is trading at $56.4.
One of the users with the nickname dan suggested that the developers of Monero, another confidential cryptocurrency, were behind the attack.
“I don’t see other losers who would waste time on this. Zcash is a competitor to Monero, so they are trying to weaken it,” he wrote.
It’s probably the Monero boys who are doing it. I don’t see any other losers who would waste time doing this. Zcash is Monero’s rival so they try to weaken it. It’s one of the reasons I don’t invest in Monero. I just don’t like the people in that community
— dan 🛡 (@igototokyo) October 5, 2022
The Monero community reacted with irony to his guesses:
“What is Zcash??”.
What is zcash? pic.twitter.com/E2vMLu6Wk0
— The Monero Club (@themoneroclub) October 5, 2022
In June, Zcash developers activated a major Network Upgrade 5 update.
In 2021, the Electric Coin Company behind the project unveiled a roadmap that included the transition of the blockchain to the Proof-of-Stake consensus algorithm.
After migrating to the Ethereum PoS network in September 2022, Vitalik Buterin expressed confidence that Zcash would follow suit.
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I’m Meagan Diaz, a news writer and author at World Stock Market. My main focus is on technology and stock market trends, and I’m passionate about helping readers stay informed on the ever-changing landscape. I bring extensive knowledge of the industry to my work as well as a knack for storytelling that makes my articles both accessible and engaging.