Ethereum Devs Close Loophole in EIP-1559

Ethereum engineer, Martin Holst Swende, found a loophole in EIP-1559, which is a major Ethereum hard fork anticipated to go live on July 14. The bug would have made fake large transactions possible that could have overwhelmed the Ethereum network.

EIP-1559 is one of the biggest upgrades in Ethereum history. It essentially burns most transaction fees turning ETH into a deflationary asset. In addition, it will make Ethereum transaction fees more predictable. However, there was a bug in the system, which Martin Holst Swende identified. The attacker could have spammed the network with a very large number of transactions to overwhelm the network.

These transactions would have been “fake” meaning that they could be broadcasted without paying gas fees.

Tim Beiko announced the bug fix on Twitter:

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Only four lines of code were needed to fix the bug.

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