🤯 MEV Bot on Solana Earns $30M in Two Months 🚀

A well-known MEV bot on the Solana network has earned around $30 million in the past two months through arbitrage "sandwich attacks".

According to on-chain analyst Ben, the bot's earnings are spread across two main wallets.

The first wallet contains 114,352 SOL, worth approximately $16.5 million. This address appears to be inactive and likely functions as a storage or reserve wallet.

The second wallet linked to the bot is active in Solana's DeFi segment. It periodically converts $SOL tokens into the stablecoin USDC through the DEX Jupiter.

Ben's analysis also highlighted that the address holds significant positions in the lending protocol Kamino and various liquid staking platforms. The researcher observed that the MEV bot operators are attempting to conceal their activities and earnings due to unwanted attention in the network. Recently, they transferred all major operations to a different address.

Additionally, the bot uses multiple signers and "tippers" to disguise its transactions.

Andrew Wong, head of Dune Analytics, noted that at the end of April and the beginning of May, this bot accounted for about 15% of all volume on Solana's DEX. However, this figure dropped to 0.5% by mid-May.

Previously, several Solana validators were excluded for participating in "sandwich attacks" against users. CoinDesk reported that most of the banned network participants were Russian citizens.

Vitalik Buterin, co-founder of Ethereum, identified MEV as one of the three main threats to network decentralization, alongside liquid staking and the cost of running a full node.

The EU regulator has described the technology as a clear example of market abuse.
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