The notorious MEV bot 'jaredfromsubway.eth' has been upgraded to carry out more sophisticated 'sandwich' attacks on DeFi protocols. This bot previously raked in millions of dollars through arbitrage and 'sandwich' attacks in early 2023.
MEV Bot's Return
On August 20, MEV tracking site EigenPhi reported a new MEV contract has emerged with new tactics and more sophisticated multi-layered 'sandwich' attacks. The bot automatically exploits vulnerabilities in DeFi protocols to generate profits by scheduling transactions in front of and behind a victim’s transaction to manipulate prices.
New Attack Methods
The new attacks involve executing multiple transactions within the same block to manipulate exchange rates in a Uniswap V3 pool, resulting in profits for Jared’s bot at the expense of other users. Additionally, the bot uses more advanced techniques, such as adding and removing liquidity in the DEX pool, making it harder to analyze and track the profitability of its strategies.
Problems and Solutions
The activity on the original jaredfromsubway contract address used to execute the bot’s trading strategies paid out around $2.2 million to other bots or traders over a two-week period beginning August 1. Its activity then saw a significant decrease since August 7 and dropped to zero on August 14. Over the past 30 days, sandwich attack volume has exceeded $17 billion. The MEV bot continues to pose significant challenges for DeFi protocol users.
The 'jaredfromsubway' MEV bot continues to evolve, implementing new attack methods on DeFi protocols. Users and developers need to stay vigilant and take measures to protect their funds.
Comments