Ethereum

<div class="cryptonews"> 
 <p class="is-style-lead">The Ethereum network recently witnessed some of the highest Maximal Extractable Value (MEV) reward blocks in history, following a vulnerability on the Curve Finance platform.</p> 
 <p>This event significantly <a rel="noopener noreferrer nofollow" title="reward" href="https://thebittimes.com/tag/reward.html">reward</a>ed MEV bots that front-ran transactions during the defi crisis, leading to an unprecedented rise in MEV incentives.</p> 
 <p>Ethereum (ETH) core developer “eric.eth” disclosed in a tweet on July 31 that the MEV <a rel="noopener noreferrer nofollow" title="reward" href="https://thebittimes.com/tag/reward.html">reward</a>s that day were amongst the largest in the blockchain’s history.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">Today has produced some of the largest MEV <a rel="noopener noreferrer nofollow" title="reward" href="https://thebittimes.com/tag/reward.html">reward</a> blocks in Ethereum’s history. <br><br>Slot 6,992,273: 584 ETH<br>Slot 6,993,342: 345 ETH<br>Slot 6,992,050: 247 ETH<br>Slot 6,993,346: 51 ETH</p>— eric.eth (@econoar) July 30, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>This came on the heels of a significant vulnerability detected and <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a>ed on July 30, enhancing the MEV opportunities for Curve Finance’s stable pools.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> BSC suffers $73k Vyper attack following Curve Finance exploit 
 </div> 
 <p>Following the turmoil, developers across the ecosystem initiated a whitehat rescue operation to secure the endangered funds. However, hackers managed to thwart two of these planned operations mere minutes before they could be executed.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">unfortunately the second curve whitehat attempt was frontrun too https://t.co/S3n7tuVI39</p>— banteg (@bantg) July 30, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <h2 class="wp-block-heading" id="what-are-the-mev-bots">What are the MEV bots?</h2> 
 <p>MEV bots, by rearranging or inserting transactions into regular blocks, create arbitrage opportunities for increased profits. These bots can also foresee liquidation transactions and acquire assets at a discount by preemptively purchasing them.</p> 
 <p>Sometimes MEV bots incentivize validators with large amounts of ETH to prioritize their transactions. This tactic provides an edge for the MEV bots in the mempool, enabling them to process their transactions before others.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Ethereum MEV bots make $1m profit amid sandwich attacks 
 </div> 
 <h2 class="wp-block-heading" id="record-mev-rewards">Record MEV rewards</h2> 
 <p>Of note was one block with an MEV <a rel="noopener noreferrer nofollow" title="reward" href="https://thebittimes.com/tag/reward.html">reward</a> of 584.05 ETH, valued at over $1 million, which was among the highest in Ethereum’s history. In addition, there were three more significant MEV <a rel="noopener noreferrer nofollow" title="reward" href="https://thebittimes.com/tag/reward.html">reward</a>s during this period, totaling 345 ETH, 247 ETH, and 51 ETH.</p> 
 <p>These substantial rewards, however, sparked ethical debates within the crypto community. Critics argue that MEV bots may gain unfair transaction advantages by compensating validators with potentially illicit payments. Some have even suggested that retaining these rewards would be unethical if sourced from stolen funds.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">They're paying money that was stolen from victims as kickback bribes to Ethereum validators.</p>— Fishy Catfish (@CatfishFishy) July 31, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>Despite the seemingly straightforward process of returning the funds, potential legal complications could arise, adding a layer of controversy to the subject.</p> 
 <p>Despite the seeming ease of returning the monies, the procedure may include legal complications, making the subject controversial.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> EU’s MiCA rules could prohibit MEV activities on Ethereum 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div>

Curve Finance exploit triggers massive MEV rewards

Innholdsfortegnelse

TheBitTimes

Andre artikler publisert på 1. aug. 2023

How can Web3 bring financial freedom closer to reality for freelancers across the globe?

Market Overview: Cryptocurrency Volatility Amid Bull-Bear Clash

DoJ Seek to Revoke SBF’s $250M Bail Bond

Druid Ventures, Sponsored by SCP&CO, Scales Up Investments in Digital Asset Technologies While Ot...

Why Digital Ownership is Essential to Protect Gamers

Blockchain technology lets East African farmers sell globally

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!