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You May Want To Be Careful With Ethereum Until The Storm Passes, Here’s What You Need To Know


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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:

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.

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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