A recent Reddit revelation has brought attention to a sly frontrunning bot masterminded by Jaredfromsubway, which reportedly pocketed a staggering $500,000 in just 24 hours. The bot cleverly carries out sandwich attacks on decentralized exchanges (DEXs), taking advantage of the transactions made by unsuspecting users.
Read CRYPTONEWSLAND onA sandwich attack is a strategy where an attacker flanks a target’s trade with two separate transactions, manipulating the price to generate profit. Jaredfromsubway’s bot, known as an MEV (Miner Extractable Value) bot, has been alarmingly successful with this devious tactic.
In the past day alone, the bot has amassed around 250 ETH (equivalent to over $500,000) by frontrunning DEX transactions. Traders dealing in an array of tokens have likely crossed paths with this notorious bot, which has been observed interfering with buy and sell orders.
Cashing in on his ill-gotten gains, Jaredfromsubway funnels the profits to his main wallet in batches of 50 ETH. Earlier, these transfers took place in batches of 30 ETH, indicating the bot’s profitability has soared.
As Jaredfromsubway’s bot continues its exploitation of DEX transactions, traders must be vigilant of the risks associated with these platforms and take the necessary steps to safeguard their assets.
Discover five cryptocurrencies that hold the potential for impressive growth, and why these particular options…
Tesla's embrace of Dogecoin as a payment method fuels a 6% surge in its value…
By focusing on these selections, investors can navigate the burgeoning market and identify coins that…
📈 Discover the top 5 DeFi coins reshaping finance in May 2024! From Arrakis Finance…
With a focus on accessibility and potential growth, this guide aims to demystify the process…
Discover how a CEO's early Cardano investment led to millions and why he now sees…