The crypto community wakes up to the news that reminds them how important it is to track the developments in the industry. Jaredfromsubway.eth has reportedly generated millions of dollars in revenue simply by deploying the Sandwich Attack. The figure was first reported by EigenPhi and is said to be valid for three months.
A sandwich method is when any crypto user identifies transactions that are pending on the record to be processed on the blockchain. These transactions are bundled with other transactions – one before the transactions and the second after the transaction. However, the original transaction remains clubbed with the intention to manipulate the market at a time when the submission is being made to the blockchain validator.
Jaredfromsubway.eth is an individual who has raked in approximately $34 million in revenue. The total comes to $40 million (approximately), including $6 million in blockchain fees.
However, that estimate could be over-fetched. An MEV expert, Yannick, has claimed that the revenue is actually somewhere in the range of $3.5 million and $4.5 million. Yannick runs a similar bot. They have further highlighted that it is a lot about paying a higher percentage of proceeds to validators.
Yannick discovered the reality when they themselves tried to bribe 97%. It was later revealed that Jaredfromsubway.eth was bribing 99.9% to validators. The MEV expert has talked about why the attacks of Jaredfromsubway.eth are effective. Shedding the list on this aspect, Yannick has said that the attacks are effective because they bundle several tokens in a single transaction and add arbitrage opportunities at the end.
Yannick is now planning to shut their MEV bot down in response to the rise of Jaredfromsubway.eth’s bot.
EigenPhi has stated that a total of 238,000 attacks were done in three months. During that time, at least 106,000 victims suffered the loss at the hands of Jaredfromsubway.eth. Many more bots are struggling to make their way. Thereby being driven out of business just like Yannick.
Jaredfromsubway.eth, apparently named after a jailed sex offender, found out that the sandwich method was working the best, also making their bot more active than ever. The MEV bot can not be found in over 60% of Ethereum blocks.
The bot of Jaredfromsubway.eth identifies more MEV opportunities, said Nox, a crypto developer, adding that it also executes transactions faster as compared to others in the market. Nox has further credited the success to strategy, skill, and tech.
It lowers the profit for the original transaction, the one that is clubbed in between, but it boosts a higher profit for the attacker. The community has started raising questions. For instance, a Twitter user who goes by the name willblackburn.eth has asked why the account was dominating and why they are willing to pay more. Others have asked how this can be defined as an attack if a user is deploying a script to front run, something that is similar to high-frequency stock trading.
