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Market News An Ethereum Foundation Sandwich Attack Causes a Loss Of Over $9K

An Ethereum Foundation Sandwich Attack Causes a Loss Of Over $9K

Sandwich attacks are a type of exploit that utilises price fluctuations to generate profits by executing transactions both forward and backward on the Ethereum network. The assault was instigated by the Ethereum Foundation's endeavour to vend 1,7K Ethereum tokens through Uniswap V3, which led to financial losses exceeding $9,000.

TOP1 Markets Analyst

2023-10-11

11724

The sandwich assault caused a significant setback for the Ethereum network, which is ranked second-largest among blockchain networks, as reported by CryptoPotato. The network suffered a loss exceeding $9,000. This demonstrates the increasing concern surrounding sandwich assaults in the cryptocurrency realm, as the Ethereum chain has lost more than $1.3 million to such schemes in the last thirty days.

A substantial sandwich attack was executed against the Ethereum network on October 9 by the MEV bot (0x00‒6B40), yielding an estimated profit of $4,060 after expenses were accounted for. Blockchain transactions are infamous for the extraction of miner-extractable value by MEV programmes. A multitude of blockchain analysts, EigenPhi among them, expeditiously detected this recent occurrence. This abrupt assault ensued after the Ethereum Foundation attempted to sell 1,7K Ethereum tokens via Uniswap V3, according to network data. Through Uniswap, the foundation intended to exchange these tokens for 2,738,000 USDC.

Eigenphi's analysis indicates that sandwich assailants have recently engaged in substantial activity. A total of $22.9K was generated in profits by 85 sandwich assailants in the twenty-four hours preceding the reports. Approximately 20,4K victims have been reported in the preceding week, resulting in 123 assailants amassing a total of $239,4K in profits. Using sandwich assaults, attackers have amassed a minimum of $1.38 million in revenue in the past thirty days. While the Ethereum chain continues to be the principal target, BSC chains are not far behind, generating $497.4K in revenue for attackers over the past 30 days. These recent occurrences serve as a poignant reminder of the substantial hazards that are inherent in the blockchain ecosystem and have the potential to affect any individual.