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A bot that earned and lost more than a million dollars in Ethereum in one night…details here

A bot that earned and lost more than a million dollars in Ethereum in one night…details here

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Answer A bot that earned and lost more than a million dollars in Ethereum in one night…details here

Last Tuesday night, an Ethereum bot called “Ethereum MEV” obtained 800 Ethereum coins through the use of smart arbitrage, but it lost all of it and even more than it gained in an hour, after being targeted by a hacker.

Here are the facts of the story:

seem the event A third-party trader accidentally lost nearly $2 million on spreads on Uniswap v2 decentralized trading platform.

He initially traded for $1.8 million, but received only $518 in return.

According to Robert Miller, Head of Product at Flashbots, this created a huge counterweight opportunity for another trader to swoop in and claim too much Ethereum and take advantage of this bug, which is what happened.

Read:The woman behind the OneCoin scam is now one of the FBI’s ten most wanted fugitives.

The MEV bot, which works on several protocols and is designed to finish off any chance or error like what happened with the trader mentioned above, managed to withdraw 800 Ethereum.

Here, the popular proverb can be cited: the misfortunes of a people when others benefit.

But after only an hour, the bot could not properly protect its functions that it uses to execute flash loans, which left it vulnerable. On some decentralized exchanges when you get a flash loan, the protocol you borrow from will invoke a standardized function in your contract and sometimes there is arbitrary execution.

Using this vulnerability, a hacker has attacked the bot with a total of 1,106 WETH, worth over $1.4 million at the time of writing.

That is, the robot came out with a loss more than what it gained!

Read:Tensions Rise Between Cryptocurrency Exchange FTX and Regulatory Authority FCA…Details Here

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