Malicious Ethereum Verifiers Are Allegedly Attacking the Network

2023-4-3 19:00

Rogue Ethereum validator stole over $25 million worth of cryptocurrencies from an Ethereum MEV bot conducting sandwich trades.

According to PeckShieldAlert, the hacker stole over $25 million from the Ethereum Maximal Extractable Value (MEV) bots and stored the amount in mainly three different addresses. They kept a significant amount in 0x3c98, worth over $20 million. A relatively small chunk worth roughly $2.3 million and $3 million is located in 0x5b04 and 0x27bf, respectively.

#PeckShieldAlert The stolen funds (~25M) are mainly located in 3 addresses, 0x3c98…8eb (~20M), 0x5b04…5b6 (~2.3M) and 0x27bf…f69 (~3M)
0x84cB…8D1, 0x88Fd…7EE, 0x94e0…87C, 0x0429…46C, 0xEafc…D1B, 0xCaCE…975, 0x5b04…5b6 and 0x27bf…f69 these 8 addresses were… https://t.co/7g60VX8ica pic.twitter.com/7oFwYSVoyn

— PeckShieldAlert (@PeckShieldAlert) April 3, 2023

As of writing, the hacker has roughly $13.4 million worth of Wrapped Ethereum (WETH), USDT worth $3 million, Wrapped Bitcoin (WBTC) worth $1.8 million, and $1.6 million worth of DAI stablecoin.

Image Source: Etherscan Hacker Became Validator to Steal Funds

The MEV bots use various strategies, one being the sandwich attack. According to Forbes, “MEV bot spots someone else’s intent to buy a coin and sets itself up to profit from the small price appreciation that the other person’s bid will likely cause. The bot jumps the line to purchase the coin at a fraction less, front-running the trade. Then, after the purchase by the mark in the middle goes through, the bot tops off the sandwich by automatically selling the token at a profit.”

CertikAlert explains that as the bots executed the sandwich trade, the rogue Ethereum validator replaced the reverse transaction when they tried to close the trade.

Above all, the hacker became a validator by depositing 32 ETH just 18 days before stealing the funds. Also, they funded the wallet through a privacy tool, Aztec Network. Hence some allege that it is a planned attack.

The community believes it can be a major turning point for the entire MEV ecosystem.

Image Source: Etherscan

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The post Malicious Ethereum Verifiers Are Allegedly Attacking the Network appeared first on BeInCrypto.

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