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Ethereum MEV Bot

Someone Sent $1.5 Million To A Notorious MEV Bot On Ethereum But Got Lucky

Dalmas Ngetich
by Dalmas Ngetich
2 years ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a surprising turn of events, someone accidentally sent over $1.5 million worth of wrapped Bitcoin (WBTC) and wrapped Ethereum (WETH) to jaredfromsubway.eth, a high frequency, Maximal Extractable Value (MEV) bot that has been harassing traders on the Ethereum network.

Jaredfromsubway.eth MEV Bot Wreaking Havoc On Ethereum 

The signal about the $1.5 million funds erroneously transferred to the MEV bot was brought to light by 0xCuteSocks on Twitter.

https://twitter.com/0xCuteSocks/status/1654519048338833408

While the bot has been blamed for sandwiching traders and contributing to the rise in ETH gas fees, it has also reportedly consumed over 7% of the gas fees in the last 24 hours.

Related Reading: DVT’s Multi-Sig For Validators Takes Ethereum Staking To New Heights

According to Dune analytics data, the MEV bot used 455 ETH between April 18 and 19, which represents around 7% of all the gas used on Ethereum during that time.

Ethereum Price On May 7| Source: ETHUSDT On Binance, TradingView
Ethereum Price On May 7| Source: ETHUSDT On Binance, TradingView

Moreover, reports suggest that the bot has spent about 3,720 ETH or $950,000 in the past two months while performing roughly 180,000 transactions.

A MEV bot is eating your lunch.

jaredfromsubway.eth MEV bot is the top gas ETH spender in the last 24H, spending 455ETH ($950k) and using 7% of total gas of the network

In the last 2 months it spent more than 3.720ETH ($7M) in gas fees and performed more than 180k transactions pic.twitter.com/IGMJY7skkq

— sealaunch.xyz (@sealaunch_) April 18, 2023

On April 17, the bot made a profit of about $250,000, which surged to about $400,000 two days later on April 19.

The MEV bot, which has been causing havoc for traders on the Ethereum network, is also responsible for draining millions from investors.

MEV bots on Ethereum today captured $1.035 million in profits in 11,640 transactions, a record high over the past month, including $940,000 in profits through sandwich attacks. The MEV robot controlled by jaredfromsubway.eth captured a profit of more than $710,000 after capturing…

— Wu Blockchain (@WuBlockchain) April 19, 2023

This has been a source of concern for traders, most of whom are worried about which tokens to avoid.

Some have even been calling for an MEV blocker to avoid a sandwich attack, especially for meme tokens such as NEET, PEPE, and APED, among others.

Funds Refunded

While the MEV bot has been racking in huge profits, the deployer had a change of heart following the erroneous transfer of $1.5 million.

A Twitter user was able to verify that the $1.5 million worth of tokens were successfully refunded after the sender appealed to the owner of the MEV bot.

#PeckShieldAlert Jaredfromsubway.eth has returned $1.5M worth of $WBTC, $WETH and $USDC to 0x19aBe4…090, who accidentally sent funds to the MEV bothttps://t.co/MQLwKx5sV2https://t.co/MJbIoMrzMf pic.twitter.com/VehaSWfkqD

— PeckShieldAlert (@PeckShieldAlert) May 6, 2023

Still, the rise of MEV bots has become a significant issue in the crypto space, with some experts warning that the bots could threaten the security of the entire blockchain ecosystem.

While some bots operate in a legitimate capacity, others are designed to exploit vulnerabilities in the system to make a profit, even at the expense of someone’s error.

Related Reading: Ethereum Market Shows Signs Of Overheating, Decline Soon?

As the popularity of MEV bots continues to grow, traders need to be aware of the risks and take the necessary precautions to protect themselves from potential attacks.

It is so because there is no guarantee of a refund considering the immutable nature of crypto transfers.

As such, traders are advised to protect themselves from potential attacks by using an MEV blocker and avoiding vulnerable tokens.

Feature Image From Canva, Chart From TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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