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Ethereum’s Record Activity Tied to Large-Scale Address‑Poisoning, Analyses Find

Researchers say post‑Fusaka fee cuts enabled cheap stablecoin dusting that inflated activity.

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Overview

  • Ethereum processed nearly 2.9 million transactions in a day last week as ETH price barely moved, signaling weak demand despite record counts.
  • On-chain researcher Andrey Sergeenkov links the surge to mass address poisoning using tiny USDT and USDC transfers.
  • In a 5.78 million‑address sample, 67% of first stablecoin receipts were under $1, with 3.86 million wallets receiving dust.
  • A few smart contracts sent tiny transfers to more than 1.6 million addresses after ERC‑20 fees fell roughly sixfold following December’s Fusaka upgrade.
  • Reports cite losses in the hundreds of thousands of dollars, including a $509,000 incident, with researchers noting the campaigns remain active.