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Ethereum Foundation ETH ETHUSDT

Ethereum Foundation Under Attack, Selling 1,700 ETH Cost Them This Much

Reynaldo Marquez
by Reynaldo Marquez
1 year ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Ethereum Foundation, the organization leading the development of this blockchain, made a fresh sale of ETH in exchange for millions of dollars. This time, the organization was the victim of the vicious fees market structure ruling transactions on the network.

Related Reading: BitVM Turns Bitcoin Into Ethereum Without Fork, All Altcoins Useless?

Ethereum Foundation Victim Of This Attack

According to crypto journalist Colin Wu, an attacker extracted around $10,000 from the Ethereum Foundation. When the organization moved 1,7000 ETH to decentralized exchange (DEX) Uniswap, the transaction was caught up in a “Sandwich Attack.”

Conducted by a Maximal Extractable Value (MEV) bot as part of a strategy to profit from the fees market on the network. These bots front-run other users on the network and exploit the transaction structure by placing two transactions between the one they are trying to “attack.”

In this case, an MEV bot placed two transactions between the Ethereum Foundation’s ETH operation. The first of these transactions is placed after the bot spots the large ETH transfer, and then the entity sends a similar transaction, paying a larger fee and frontrunning the foundation.

Later, the Foundation is forced to pay more for the transaction, directly impacting the price of ETH. The short boost is captured by the second transaction placed by the MEV bot.

As the report stated, the “Sandwich Attack” cost the Ethereum Foundation $9,101, and the attack received around $4,060. Further data provided by Wu indicates that the organization remains one of the largest ETH Whales.

Following their 1,7000 ETH sale, the organization holds over 316,760 ETH worth $500 million. The different addresses associated with the Foundation hold over $550 million in tokens and stablecoins.

Ethereum Foundation ETH ETHUSDT ETH Price chart 1
Ethereum Foundation holdings following ETH sale. Source: Arkham Intelligence

Crypto Community Calls Attack “Karma”

The Ethereum Foundation has placed heavy selling pressure on the ETH spot market. Over the past two years, the organization sent similar transactions worth millions of dollars.

When other participants record these transactions, these usually follow suit and increase the selling pressure on the ETH price. Thus often leading to local tops in the price of Ethereum and a persistent downtrend.

As a result, the crypto community frowns upon these transactions. The latest “Sandwich Attack” was not significant in size, but it revealed the hostility present in crypto users. One replied to Wu’s report: “Traditionally, they usually sell before big dumps.”

Related Reading: FTX Collapse: On-Chain Investigator Reveals How Alameda Boosted USDT’s Market Cap

As of this writing, the ETH price suffers from the short-term effects of the Foundation’s transactions on market sentiment. The cryptocurrency records a

Ethereum Foundation ETH ETHUSDT
ETH’s price is moving sideways on the daily chart. Source: ETHUSDT on Tradingview

Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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