Bitget Wallet announced the expansion of its MEV attack protection across multiple blockchains, enabling it by default to thwart MEV bot activities.
Expanding MEV Protection
In a press release sent to crypto.news, Bitget Wallet revealed its latest security upgrade, integrating Maximal Extractable Value (MEV) protection directly into the platform’s Swap feature. Users can check whether the security feature is activated by looking for the 'MEV' logo on the Swap page or within the transaction signature page. This protection spans multiple blockchains including Ethereum, Base, BNB Chain, Polygon, Arbitrum, and Solana. Bitget Wallet aims to eliminate MEV bot-related vulnerabilities.
Impact of MEV Attacks
MEV bot attacks often target liquidity pools by manipulating asset prices and spreading false market sentiments among traders. Significant losses have been reported due to MEV manipulation, underscoring the necessity of preventive measures to ensure market fairness. Bitget Wallet prevents price fluctuations and gas fee inflation, which safeguards users from excessive transaction costs and maintains trade stability.
Notable MEV Attack Cases
On March 12, a crypto trader lost over $215,000 during a stablecoin transfer due to an MEV bot sandwich attack. According to Etherscan data, the attack occurred in Uniswap v3's USDC-USDT liquidity pool, which had over $35 million in stablecoins. Michael Nadeau, founder of The DeFi Report, explained that the bot front-ran the transaction and temporarily drained all USDC liquidity from the pool before the user's transaction was executed, resulting in a $216,000 loss. The bot also paid $200,000 to block builder 'bobTheBuilder' to ensure the attack's success.
Bitget Wallet's enhanced MEV attack protection aims to bolster security and trading stability on its platform, shielding users from unethical market manipulations.
