The unexpected chain split yesterday has left many investors feeling vulnerable.
Experts, validators, and pundits are all sounding the alarm and issuing a warning to stay away from doing any transactions on the Ethereum network for a while until the problem is solved.
It remains to be seen how long this will take to correct….
Speculators have argued as to whether this will impact Ethereum’s price action in a major way, which also remains to be seen, but no major impact has been seen yet. As a full disclaimer I am a holder of ETH.
Here’s what you need to know about the recent chain split, and precautions that should be taken:
A chain split has occurred on the Ethereum mainnet. The issue was resolved in the v1.10.8 release announced previously. Please update your nodes, if you haven't already!
— Go Ethereum (@go_ethereum) August 27, 2021
Fork between latest geth and older geth on mainnet. Stay away from doing txs for awhile till confirmed, unless you are sure you are submitting to latest geth.
Go for a walk outside, we all need it.
— Andre Cronje (@AndreCronjeTech) August 27, 2021
Coin Telegraph had more details on the bug:
A major consensus bug has affected more than half the Ethereum network’s nodes, causing those running older versions of Geth to split from the main network.
According to Ethereum software developer Marius van der Wijden, an unknown individual or group exploited a vulnerability affecting earlier versions of Geth, one of Ethereum’s software clients. According to the developer, Geth clients and Ethereum nodes running software v1.10.7 or earlier are at risk of splitting from the network.
Ether Price and Burn Unaffected as “High Severity” Bug Struck Ethereum Mainnet & Led to Chain Split https://t.co/NPtf5vaX9n #EthereumETH
— Crypto Mak 🌐 (@crypto__mak) August 28, 2021
The Scoop: Ethereum Faces Chain Split as Node Operators Fail to Update Geth Hotfix
Go Ethereum developer Marius Van Der Wijden,said
“I knew that someone would eventually find the bug,” he said. “I just hoped that more people would have updated in time.”https://t.co/sn4ed8J9dK
— HEXScoop (@HexScoop) August 28, 2021
AMB Crypto warns that investors should take precautions for the time being:
In April for instance, the second largest Ethereum client, Open Ethereum, suffered a consensus error where the aforementioned client’s nodes weren’t syncing to the blockchain. A similar scenario took place earlier, in August 2020 too.
Post the latest split, people from the community, including Yearn Finance’s founder Andre Cronje, urged users to avoid transacting on the network for a while.
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