Ethereum Foundation falls victim to MEV Bot attack Cryptocurrency scrgruppen

Ethereum, the second largest blockchain network, suffered a major setback through a sandwich attack, losing more than $9,000.

This data underscores a growing problem of sandwich attacks in the cryptocurrency space, with more than $1.3 million lost through such schemes in the past 30 days on the Ethereum chain.

Sandwich attack

According to Eigenphi DataOn October 9, the Ethereum network was subjected to a major sandwich attack by the MEV bot (0x00…6B40), resulting in a profit of about $4,060 after costs.

MEV bots are known for extracting extractable value from the miner in blockchain transactions.

Several blockchain analysts, including EigenPhi, immediately identified this latest incident. Network data reveals that this surprise attack came after the Ethereum Foundation attempted to sell 1.7 thousand Ethereum tokens through Uniswap V3. The foundation aims to exchange these tokens for US$2.738 million via Uniswap.

The datagrams show a series of transactions involving multiple tokens such as WETH, USDC, ETH, aUSDC, aWETH, and the variable WETH, enabling the attacker to eventually lock in profits. The MEV bot generated approximately 5,616 ETH in revenue during these transactions, and accumulated 3,111 ETH net of costs after the incident.

At the time of the attack, Ethereum commerce In the range of $1600 – $1618. This means that the MEV bot earned revenue of around $9,101, with actual profits of $4,060. As a result, the attack resulted in the Ethereum Foundation losing $9,101.

Despite this major setback, the foundation’s address holds significant assets, including 240.68 ETH, 3.238 million USDC, 49,700 DAI, and 10,000 ARB, for a total of $3.687 million.

The Sandwich Problem in Blockchain

Close examination of Eigenphi analysis It indicates that there has been a lot of activity from sandwich attackers recently. In the 24 hours before the reports emerged, 85 sandwich attackers were able to make profits totaling $22.9,000.

Over the past seven days, approximately 20.4k victims have been reported, with 123 attackers amassing $239.4k in profits. In the last 30 days alone, attackers have generated at least $1.38 million in profits through sandwich attacks.

Although the Ethereum chain remains the primary target, BSC chains are closely following suit, with attackers earn $497.4K in the last 30 days.

These recent events are a clear reminder of the significant risks associated with the blockchain ecosystem, which can impact anyone.