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06/21 14:08Bullish

Ethereum's biggest 'sandwich' bot drained of $7.5

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Ethereum's biggest 'sandwich' bot drained of $7.5 million in ironic exploit Blockaid said an attacker tricked Jaredfromsubway.eth into approving fake trading routes, then used those approvals to drain WETH, USDC and USDT. aredfromsubway.eth, one of Ethereum’s most infamous MEV bots, has been drained for more than $7.5 million after an attacker turned the bot’s own automated trading logic against it. The bot is known for sandwich attacks, a form of maximal extractable value, or MEV, in which an automated trader spots a pending transaction, buys ahead of it, lets the victim trade at a worse price, then sells immediately after. The result is a small hidden tax on users that can add up across thousands of trades. Sandwich attackers aren’t typically a form of exploit but are looked upon in crypto circles as a type of predatory behavior, which skims value from users, leads to a spike in gas fees and doesn’t benefit either the network or the user. Security firm Blockaid said Saturday’s incident was not a normal phishing attack and not a simple bug in the victim contract. The attacker instead targeted the bot’s decision-making system. The setup was built over several weeks, where the attacker deployed dozens of fake token contracts and fake liquidity pools - a term for a pile of tokens locked on a decentralized exchange - that looked like profitable trades. Some mimicked familiar assets such as wrapped ether (WETH), and dollar-pegged stablecoins USDC and USDT.

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