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Cryptoknowmics 2022-09-28 14:38:32

MEV Bot Makes $1M, Loses Everything to Hacker After One Hour

In an odd twist of events in decentralized finance (DeFi), an Ethereum arbitrage trading bot succeeded to won the jackpot and lost it all on the same day. Robert Miller, a researcher at the company Flashbots, revealed on Twitter how a Maximal Extractable Value (MEV) bot with the prefix 0xbadc0de made 800 Ether (ETH), or almost $1 million, through arbitrage transactions. Imagine making 800 ETH in a single arb … and an hour later then losing 1100 ETH to a hacker Here is the story of 0xbaDc0dE, an MEV bot who gained and lost it all in a few hours tonight — @bertcmiller ⚡️🤖 (@bertcmiller) September 27, 2022 MEV Bot Trader Miller claims that a trader tried to sell $1.8 million in cUSDC using the decentralized exchange (DEX) Uniswap v2 but received just $500 worth of assets in return, presenting a remarkable arbitrage opportunity for the bot. The bot quickly acted after spotting this chance to capitalize and made enormous earnings. However, a hacker took advantage of a flaw in 0xbadc0de’s “bad code” just an hour later, tricking it into approving a transaction that wiped its account of 1,101 ETH, which at the time of writing was equivalent to $1.41 million. According to PeckShield, the bug can be traced back to the bot’s callback procedure, which the hacker used to authorize an arbitrary address for spending. #MEV A very profitable MEV bot, internally named as 0xbad, was somehow tricked/hacked with 1,101 ETH loss (~$1.45M) in the fo...

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