Can ETH’s Shanghai upgrade wash away the disappointment of this latest setback
ambcrypto.comIt has been a while since the Ethereum [ETH] network experienced a successful malicious exploit. Nevertheless, new reports revealed an attack on the network, through which the malicious attacker made off with a large loot. The attacker managed to steal a substantial amount of ETH by interfering with MEV bot transactions.
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MEV stands short for maximum extractable value and is a system that miners and other participants use to determine profit. This is based on the order in which transactions are recorded on each block.
Initial reports claimed that the malicious validator stole roughly $25 million by invalidating MEV bot transactions and inserting their own counterfeit transactions.
<p lang=«en» dir=«ltr» xml:lang=«en»>There may be malicious Ethereum verifiers who attack some MEV Bots transactions in the block, invalidate the MEV Bots transactions and replace them with their own transactions. Related MEV Bots have lost about $25 million. The attacker has become a validator 18 days ago…— Wu Blockchain (@WuBlockchain) April 3, 2023
Reports also suggested that the malicious actor responsible for the attack became a validator as recently as 18 days ago. The attacker reportedly secured the funds and relevant tokens to execute the attack from the Aztec privacy protocol.
<p lang=«en» dir=«ltr» xml:lang=«en»>Dusk for sandwich bots? A few top mev bots were targetted in blockhttps://t.co/tnlx5tAX1G@peckshield @BlockSecTeam @bertcmiller @samczsun @bbbb— 3155.eth (@punk3155) April 3, 2023
Although the funds lost in the hack represented a significant amount, it was only a fraction of the amount lost in the infamous Ethereum DAO hack.
However, the incident stood as a clear
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