Bot on Solana Earns $30 Million from MEV Arbitrage in 2 Months
Ben Coverston of MRGN Research says the Solana-based MEV bot has made an active effort to date to keep a low profile.
The infamous maximum extractable value (MEV) bot known as "arsc" has pocketed around $30 million from Solana users over the past two months through MEV attacks.
A sandwich MEV attack occurs when an attacker "sandwiches" a victim's transaction between their own two transactions to manipulate the price and profit from the user. They profit by buying the victim's token at a price lower than the market value and then selling it on the same block.
"It seems they don't like the attention, as they have recently gone to great lengths to hide their activities and profits."
MEV sandwich bots often use intelligent algorithms to identify and exploit these profit opportunities. They are a common activity among max extractable value bots on Ethereum as well.
More than $1.38 billion was taken from "well-intentioned" Ethereum users on or before April 2023, according to MEVBlocker.
