December 8, 2023

Sandwich attacks brought a cryptocurrency trader $ 1.67 million

A cryptocurrency trader who owns the jaredfromsubway.eth wallet earned $1.67 million from sandwich attacks.

Anonymousa digital asset trader used a bot to carry out sandwich attacks on users of decentralized financial services.

The concept of this type of attack is based on the creationorders to increase the rate of the coin. The program finds an incomplete transaction for the exchange of cryptocurrencies and opens two orders to buy both assets. Because of this, the victim has to purchase coins at an inflated price, and the bot gets rid of the virtual currency when its value rises.

With this tactic, the trader pocketeddigital assets worth $1.67 million in two days. However, he had to pay a transaction processing fee of $1.3 million. Therefore, the profit was only $370,000.

According to the EigenPhi service, over the past 30 daysSandwich attacks were carried out from 139 crypto wallets. The profit of savvy digital asset traders reached $4.3 million, and the cost of confirming transfers amounted to $15.3 million.

Most often, attacks were carried out on the decentralized exchange Uniswap. In the vast majority of cases, one operation brought a profit of no more than $10.

Sandwich attacks brought a cryptocurrency trader $ 1.67 million

Probability of making a certain profit or loss from a sandwich attack

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