MEV Bot Attack Results in Loss for Ethereum Foundation.
With the loss of over $9K due to a sandwich attack, Ethereum, the second-largest blockchain network, suffered a serious setback.With over $1.3 million lost through such schemes in the previous 30 days on the Ethereum chain, this data highlights...
With the loss of over $9K due to a sandwich attack, Ethereum, the second-largest blockchain network, suffered a serious setback.
With over $1.3 million lost through such schemes in the previous 30 days on the Ethereum chain, this data highlights the growing problem of sandwich attacks in the cryptocurrency space.
In line with Eigenphi's data, on Oct. On September 9, the MEV bot (0x00...6B40) launched a significant sandwich attack against the Ethereum network, earning a profit after expenses of about $4,060.
Blockchain transactions can be mined for value using MEV bots, which are well known for doing this.
EigenPhi was one of many blockchain experts who quickly recognized this recent incident. According to network data, this sudden attack came after an attempt by the Ethereum Foundation to sell 1.7K Ethereum tokens via Uniswap V3. The foundation intended to use Uniswap to trade these tokens for 2.738 million USDC.
The attacker can ultimately secure profits thanks to a series of transactions involving multiple tokens, including WETH, USDC, ETH, aUSDC, aWETH, and variable WETH, as shown in data charts. After deducting costs related to the incident, the MEV bot accrued 3.111 ETH. During these transactions, it made about 5.616 ETH in revenue.
Ethereum's price ranged from $1,600 to $1,618 at the time of the attack. This suggests that the MEV bot generated revenue of around $9,101, with actual profits of $4,060. The attack cost the Ethereum Foundation $9,101, so the Foundation suffered a loss.
Despite this major setback, the foundation's address still has a lot of assets, including $3.687 million worth of assets (240.68 ETH, 3.238 million USDC, 49,700 DAI, and 10,000 ARB).
Blockchain's Sandwich Problem.
A closer look at Eigenphi's analysis reveals that sandwich attacker activity has been active recently. 85 sandwich attackers were successful in making a total of $22.9K in profit in the 24 hours before the reports.
A total of 123 attackers have made $239.4K in profit over the last seven days from about 20.4K reported victims. Sandwich attacks have brought in at least $1.38 million in profit for attackers just in the past 30 days.
The BSC chains closely follow the Ethereum chain, which is still the main target; in the last 30 days, attackers have made $497.4K from these chains.
These recent events serve as a stark reminder of the significant risks associated with the blockchain ecosystem, which can have an effect on anyone.