Ethereum Foundation Suffered from MEV Bot Attack in Eth Selling

blockchain.news:

The recent exploit faced by the Ethereum Foundation on the decentralized finance (DeFi) platform Uniswap V3 casts a spotlight on the burgeoning issue of Sandwich attacks orchestrated by MEV (Miner Extractable Value) Bots within the blockchain and cryptocurrency domain. According to data unveiled by EigenPhi and shared by WuBlockchain, during a transaction that occurred at 16:18 UTC+8, the Ethereum Foundation endeavored to sell 1,700 ETH on Uniswap V3. However, this transaction was exploited by an MEV Bot, resulting in a loss of $9,101 for the Ethereum Foundation, while the MEV Bot was able to secure a profit of $4,060 after deducting the cost. The malevolent MEV Bot, denoted as (0x00…6B40), tactically capitalized on the transaction, shedding light on the imperative need for fortified security measures to avert such financial predations in the future.

The transaction conducted by the Ethereum Foundation on Uniswap V3 fetched a total of 2.738 million USDC. Following the transaction, the Ethereum Foundation's holdings were detailed as 240.68 ETH, 3.238 million USDC, 49,700 DAI, and 10,000 ARB, collectively valued at $3.687 million. The detailed account of this illicit activity, including the transaction hash, has been meticulously documented and can be referenced on EigenPhi's website. Further specifics regarding the Ethereum Foundation's assets post-transaction have been made available on Arkham Intelligence’s platform.

Read more: What is MEV Bot?

The term 'Sandwich attack' denotes a particularly malevolent activity within the blockchain community. In a Sandwich attack, a nefarious actor places a buy order, followed by a sell order, surrounding a victim's transaction. This tactic is employed to momentarily manipulate