<\/p>\n
An anonymous Maximal Extractable Value (MEV) bot operator has cashed in well over $1 million this week by executing \u201csandwich attacks\u201d against buyers and sellers of two new meme coins.<\/p>\n
The wallet address, linked to the Ethereum Name Service (ENS) domain \u201cjaredfromsubway.eth\u201d made $950,000 from the sandwich attacks on April 18 and profited about $300,000 and $400,000 on April 17 and 19 respectively according to an April 19 tweet from nonfungible token (NFT) data platform Sealaunch.<\/p>\n
\nAfter closing the day of yesterday with a profit close to $1M, jaredfromsubway.eth MEV bot is already profiting close to $400K today pic.twitter.com\/VxouxAc59s<\/a><\/p>\n
\u2014 sealaunch.xyz (@SeaLaunch_) April 19, 2023<\/a><\/p><\/blockquote>\n
The bot’s ENS domain is a likely tongue-in-cheek nod to the popular sandwich chain and its disgraced former spokesperson Jared Fogle.<\/p>\n
Over a 24-hour period between April 18 to 19, 7% of all Ethereum gas fees were spent by the MEV bot, Sealaunch explained<\/a> in a separate post.<\/p>\n
A large proportion of the profits came from attacks on trading activity relating to two new meme coins, Pepe (PEPE) and Wojak (WOJAK), which has helped propel jaredfromsubway.eth to the become the largest gas guzzler over the last day and week, crypto researcher Matt Willemsen explained:<\/p>\n
\nWondering why gas is so damn high? \u200d<\/p>\n
jaredfromsubway.eth (lmao) is absolutely cleaning up by sandwich-attacking $PEPE<\/a> and $WOJAK<\/a> trading activity. They are #1 gas spender over the past day and week.<\/p>\n
MEV sandwich bots on Ethereum have made $100M+ since the weekend. https:\/\/t.co\/qhxyxlac20<\/p>\n
\u2014 Matt Willemsen (@matt_willemsen) April 19, 2023<\/a><\/p><\/blockquote>\n
A sandwich attack occurs when an attacker “sandwiches” a victim’s transaction between their own two transactions in order to manipulate the price and profit from the user.<\/p>\n
This is possible because the victim’s transaction is first sent to the mempool where it waits to be added to the next block. In the meantime, the attacker sets one transaction with a high gas fee \u2014 to ensure it is accepted first \u2014 and another transaction with a lower gas fee to ensure it is accepted after the victim’s transaction.<\/p>\n
The attacker profits by buying the victim\u2019s token at a price cheaper than market value, then sells it within the same block \u2014 taking in the difference between the revenue from the transaction minus the gas fees.<\/p>\n
The large profits pocketed by jaredfromsubway.eth came from nearly $1.2 million being spent on gas fees between April 18 and 19, according<\/a> to data shared by Thomas Mattimore, the head of platform at the Reserve Protocol.<\/p>\n
The MEV bot operator has spent over $7 million in gas fees across 180,000 transactions, according<\/a> to Sealaunch.<\/p>\n
While some are finding<\/a> the humor in the MEV bot\u2019s domain name and actions, not all are happy.<\/p>\n
Related: <\/strong>Tether blacklists validator address that drained MEV bots for $25M<\/strong><\/p>\n
One analyst for on-chain analytics firm Glassnode questioned<\/a> the \u201cvalue\u201d of the work jaredfromsubway.eth is providing to the world. <\/p>\n
Other Twitter users went one step further expressing<\/a> their hatred and frustration toward the MEV bot operator.<\/p>\n
\nwhen i see jaredfromsubway.eth on the shitcoin i just aped my entire networth into pic.twitter.com\/heK4bnbikf<\/a><\/p>\n