Coin Gabbar Token

<h2 id="header-0">Anonymous bot operator earns $1M through &#34;sandwich attacks&#34; on meme coins using the Ethereum blockchain</h2><p>An anonymous bot operator has reportedly profited over $1 million this week by using a tactic called &#34;sandwich attacks&#34; on two new meme coins. The operator&#39;s Ethereum Name Service domain, &#34;jaredfromsubway.eth,&#34; made $950,000 on April 18 alone, with additional profits of $300,000 and $400,000 on April 17 and 19, respectively, according to <strong><a href="https://www.coingabbar.com/en/crypto-blogs-details/five-unique-nft-platforms-that-you-cannot-miss-to-know-this-year" rel="noopener noreferrer nofollow">NFT</a></strong> data platform Sealaunch.</p><p>In a sandwich attack, the attacker places their own two transactions around a victim&#39;s transaction, manipulating the price and taking advantage of the user. The victim&#39;s transaction is forwarded to the mempool, where it waits to be included in the next block.</p><p>The attacker then creates two transactions, one with a high petrol fee to ensure it is accepted first and another with a low petrol fee to ensure it is accepted second so that both are accepted simultaneously. The attacker buys the victim&#39;s token at a price below market value, then sells it within the same block to pocket the difference between the transaction&#39;s income and petrol costs.</p><h3 id="mev-bot-operator-earns-over-1m-with-sandwich-attacks-and-mev-blocker-protects-ethereum-users-from-sandwich-attacks">MEV Bot operator earns over $1M with Sandwich Attacks, and MEV Blocker protects Ethereum users from sandwich attacks.</h3><p>The MEV bot&#39;s profits were mostly derived from nearly $1.2 million spent on gas fees between April 18 and 19, according to Thomas Mattimore, head of a platform at the Reserve Protocol. The bot operator has reportedly spent over $7 million on petrol expenses across 180,000 transactions, as per Sealaunch.</p><p>While some Twitter users found humor in the bot&#39;s domain name and actions, others expressed their frustration towards the MEV bot operator. On-chain analytics company Glassnode even questioned the value of jaredfromsubway.eth&#39;s work.</p><p>As a response, projects such as MEV Blocker have been launched to protect <strong><a href="https://www.coingabbar.com/en/crypto-blogs-details/what-are-gas-fees-in-ethereum-and-how-to-reduce-them" rel="noopener noreferrer nofollow">Ethereum</a></strong> users from sandwich attacks. The MEV bots have reportedly extracted over $1.38 billion from Ethereum users attempting to trade, provide liquidity, and mint NFTs, as per MEV Blocker.</p>

Crypto Bot Makes $1M+ With "Sandwich Attacks" on Meme Coins

Table of Contents

Coingabbar

Outros artigos publicados em 21 de abr. de 2023

Gemini Strengthens its Presence in Asia With a New Office in India

Cardano Takes Smart Contracts to the Next Level with Aiken: The Future of Blockchain Development

NEAR HOUSE by Supermoon: Assembling Top Builders at Consensus 2023

Arc8 | Earn MATIC, G-Bot Starters and Moca XP with the Mocaverse Takeover

Terraform Labs Founder Charged with Indictment in Montenegro Arrest

PossChain: The Rising Star as a DAO Project

Join our free newsletter for daily crypto updates!