{"id":17863,"date":"2023-04-11T10:05:27","date_gmt":"2023-04-11T10:05:27","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/tether-blacklists-validator-address-that-drained-mev-bots-for-25m\/"},"modified":"2023-04-11T10:05:30","modified_gmt":"2023-04-11T10:05:30","slug":"tether-blacklists-validator-address-that-drained-mev-bots-for-25m","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/tether-blacklists-validator-address-that-drained-mev-bots-for-25m\/","title":{"rendered":"Tether blacklists validator address that drained MEV bots for $25M"},"content":{"rendered":"
Tether, the issuer behind the leading stablecoin USDT has blacklisted an address that drained Maximal Extractable Value (MEV) bots for $25 million last week.\u00a0<\/p>\n
The address in question exploited a bug in MEV-boost-relay to outsmart the MEV bots trying to execute a sandwich trade. Sandwiching occurs when one order is placed immediately before the trade and another immediately after it. In essence, the trader will front-run and back-run at the same time, sandwiching the original pending transaction in between. <\/p>\n
In this case, the rouge validator address swooped in to back-run the MEV\u2019s transaction, leading to losses of nearly $25 million in various digital assets, making it the largest MEV exploit to date. Etherscan has already flagged the address with a warning of its involvement in the exploit.<\/p>\n