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...
Crypto Remittances to El Salvador Drop 45%
