#MEV-Bot Nets $1.5 Million Profits in a $4 #Attack

On October 11, an MEV (Miner Extractable Value) bot operating on the BNB Chain made a remarkable profit of $1.575 million through an attack that involved flash loan exploitation on the BH/USDT trading pair on PancakeSwap, as reported by EigenPhi. The expenses for executing this arbitrage, which turned out to be one of the largest in BNB Chain's history, amounted to a mere $4.16.

According to experts from Beosin, the BH token was exploited for approximately $1.27 million by manipulating its price. The attacker provided a USDT loan, subsequently exchanging it for BH, thereby depleting the token's liquidity. The contract dictated a standard 1 USDT: 100 BH ratio upon deposit. Thanks to this swap, the attacker was able to withdraw approximately 1 USDT for every 2 BH.

According to Beosin, the unknown attacker sent the acquired assets through the #TornadoCash mixer.

On October 11, the price of BH unexpectedly surged from $0.01 to approximately $2 in the #USDT pair on #PancakeSwap This movement followed a sudden drop in quotes. At the time of writing, the token is trading around $2.1.