Ethereum suffered a sandwich attack, after which reports claimed that the Ethereum Foundation lost over $9,000. This is a substantial setback. While the number is fiscally smaller than one would imagine, the sandwich attack problem is at the center of the stage. Ethereum chains are reportedly the primary focus of attackers. This is evident because the sandwich attack has caused approximately $1.3 million loss to Ethereum chains in the last 30 days.
The most recent loss is $9,101 with the bot gaining a little over $4,000.
The sandwich attack followed the attempts of the Ethereum Foundation to sell 1.7k Ethereum tokens. The Foundation wanted to exchange them for 2.738 million USDC through Uniswap.
It was a series of transactions that led to the attack. Tokens involved in the attack were ETH, USDC, WETH, aUSDC, and aWETH. AFTER DEDUCTING ALL THE NECESSARY COSTS, the MEV bot accumulated 5.616 ETH tokens for a profit of 3.111 ETH tokens. The token’s price at the time of the attack was between $1,600 and $1,618. This roughly brought the total value of profit to $4,060.
The value of loss for the network stands at $9,101.
Nevertheless, the Ethereum network has significant holdings in multiple tokens. This can be represented as follows:-
- ETH – 240.68, USDC – 3.238 million, ARB – 10,000, and DAI – 49,700. This brings the total value to $3.687 million.
The effect of the attack is yet to be seen on ETH. Its value is rallying around $1,576.42. This is an increase of 0.57% in the last 24 hours. However, it also marks a slip of 4.21% in the previous 5 days. ETH is finding its resistance. So is BTC. Since the latter is conveniently dominating the ranks, all eyes are on ETH to at least cross the $2k mark by the end of this year. Alternatively, the community is holding speculation that Solana would rise to kill Ethereum before it finds the desired resistance.
The Sandwich problem is a pretty common threat. It has risen in recent times. Attackers were able to mint $22.9k in profits 24 hours before the Ethereum Foundation fell victim to it. It was a task of 85 attackers, executed in just 24 hours. The last week has also seen attacks getting strong. Over 20 thousand victims have come forward with the incidents where 123 attackers have made $239.4k in profits. The same for the last 30 days comes to approximately $1.38 million.
BSC Chains stand right behind Ethereum with the attacks. This means BSC Chains have also been attacked by sandwich attackers even if the number of incidents is less than Ethereum.
The blockchain industry continues to suffer humiliation from scammers and attackers. Friend. Tech was most recently targeted by hackers who managed to steal 234 ETH tokens in just 24 hours.