ethereum, the second largest blockchain network, suffered a substantial setback due to a sandwich attack, losing over $9,000.
This data underscores the growing problem of sandwich attacks in the cryptosphere, with over $1.3 million lost through such schemes in the last 30 days on the ethereum chain.
The sandwich attack
According to Eigenphi ethereum/tx/0x20f1f47c24b087621ff784c1f837465ed88758ac7d31750fa4da3e0a7df4157c” data-wpel-link=”external” target=”_blank”>dataOn October 9, the ethereum network experienced a major sandwich attack by the MEV bot (0x00…6B40), resulting in a profit of approximately $4,060 after accounting for costs.
MEV robots are well known for extracting extractable value by miners in blockchain transactions.
Several blockchain analysts, including EigenPhi, quickly identified this recent incident. Network data reveals that this sudden attack followed an attempt by the ethereum Foundation to sell 1.7 thousand ethereum tokens via Uniswap V3. The foundation aimed to exchange these tokens for 2.738 million USDC through Uniswap.
The data graphs illustrate a series of transactions involving multiple tokens such as WETH, USDC, eth, aUSDC, aWETH, and variable WETH, allowing the attacker to ultimately profit. The MEV bot generated approximately 5,616 eth in revenue during these transactions, accumulating 3,111 eth after deducting post-incident costs.
At the time of the attack, ethereum was ethereum/” data-wpel-link=”external” target=”_blank”>trade in the range of $1,600 to $1,618. This implies that the MEV robot earned revenue of approximately $9,101, with actual profits amounting to $4,060. Consequently, the attack resulted in a loss of $9,101 for the ethereum Foundation.
Despite this major setback, the foundation’s management retains substantial assets, including 240.68 eth, 3.238 million USDC, 49,700 DAI, and 10,000 ARB, totaling $3.687 million.
The Blockchain Sandwich Problem
A Closer Examination of Eigenphi ethereum/sandwich” data-wpel-link=”external” target=”_blank”>analysis suggests that there has been significant activity by sandwich attackers recently. In the 24 hours preceding the reports, 85 sandwich attackers managed to generate profits totaling $22.9 thousand.
In the last seven days, approximately 20.4 thousand victims have been reported and 123 attackers accumulated profits of 239.4 thousand dollars. In the last 30 days alone, attackers have earned a minimum of $1.38 million through sandwich attacks.
Although the ethereum chain remains the primary target, the BSC chains are closely following suit, and attackers winner $497.4K in the last 30 days.
These recent incidents serve as a stark reminder of the significant risks associated with the blockchain ecosystem, which can affect anyone.
Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off fees on Binance Futures for the first month (terms).
PrimeXBT Special Offer: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 in your deposits.
<!– ai CONTENT END 1 –>
