Weekly Highlights: Top 5 MEV bots were ripped off $20M - Week 14, 2023

Last week, we detected a major attack happened on block 1696664, provided solution to prevent users from attacks like that, released new algorithm for identifying MEV.

Apr 12, 2023

On April 3rd, An attacker broke the assumed atomicity of the sandwich attack transaction bundle. In block 16964664, which has 24 transactions, the attacker replaced the original victim's transaction with a new backrun targeting MEV bots, and the original backpiece of the MEV bot failed. The attacker transferred the profits to the address 0x3c98d, labeled as Sandwich the Ripper, currently holding $20 million in funds. We reviewed the whole exploitation in a tweet thread.

A more detailed explanation of the root cause.

You can also read the post here.

Wisdom of DeFi by EigenPhi

How Did A Malicious Validator Steal $20 Million From MEV Bots by Attacking Ethereum MEV Boost Relay

Around 2:11 AM EDT on April 3rd, the Twitter account punk3155 found some MEV bots had been attacked while trying to cook some sandwiches…

3 years ago · 1 like · EigenPhi

EigenPhi has introduced the improved MEV recognition algorithm, aimed at enhancing security and reliability for DeFi applications and smart contracts. The algorithm is expected to bring significant benefits to the DeFi community, boosting confidence in blockchain-based applications.

Wisdom of DeFi by EigenPhi

NERD ALERT: The Upgraded Algorithm of How EigenPhi Identifies MEV

As promised, we’d like to share the revamped version of our MEV recognizing algorithm. It’s another move from EigenPhi to benefit the Decentralized Finance (DeFi) community. In the emerging world of DeFi, collaboration and open innovation are key drivers of progress. We hope this will help to increase the security and reliability of smart contracts and …

3 years ago · EigenPhi

On April 5th, our collaboration with @CoWSwap, @beaverbuild, and @AgnositcRelayer for the launch of “MEV Blocker” is aimed at providing a solution to the MEV problem in Ethereum. With MEV Blocker and its RPC endpoints, transactions will be sent to trusted searchers who will block frontrunning and sandwich attacks. We were joined forces by 30+ big names in the Ethereum Ecosystem to launch “MEV Blocker” together.

Hong Kong Web3 Festival is taking place between April 12th and 15th. It is a festival that will bring together the world’s brightest minds, top Web3 projects and leading venture capitals presenting content-rich discussions and topics centered around Web3. EigenPhi’s Data Scientist “Sophie Liu” has been invited as a speaker at the festival where she will be sharing her insights on the impact of MEV and the risks of market liquidity manipulation.