{"id":7470,"date":"2022-09-28T18:49:53","date_gmt":"2022-09-28T18:49:53","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=7470"},"modified":"2022-09-28T18:49:54","modified_gmt":"2022-09-28T18:49:54","slug":"this-mev-bot-gained-and-lost-over-1m-in-1-hour","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7470","title":{"rendered":"This MEV bot gained and lost over $1M in 1 hour"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n   <\/p>\n<p>A Maximal Extractable Value (MEV) bot 0xbaDc0dE lost over $1 million after a hacker exploited a flaw in its code.<\/p>\n<p lang=\"en\" dir=\"ltr\">Imagine making 800 ETH in a single arb<\/p>\n<p>\u2026 and an hour later then losing 1100 ETH to a hacker<\/p>\n<p>Here is the story of 0xbaDc0dE, an MEV bot who gained and lost it all in a few hours tonight<\/p>\n<p>\u2014 @bertcmiller \u26a1\ufe0f\ud83e\udd16 (@bertcmiller) September 27, 2022<\/p>\n<p>Flashbots\u2019 Robert Miller of Flashbots explained that 0xbaDc0dE was a mempool bot active on ETH over the past few months, making about $220,000 transactions.<\/p>\n<p>The bot got its big break after a user tried to sell cUSDC worth $1.8 million on Uniswap V2 but got about $500 in return, which generated a massive arbitrage opportunity.<\/p>\n<p>According to Miller, 0xbaDc0dE took this opportunity and raked a handsome profit of 800 ETH.<\/p>\n<p>However, the euphoria was short-lived because the MEV bot lost over 1100 ETH, around $1.4 million an hour later, due to a flaw in the code.<\/p>\n<p>Miller said:<\/p>\n<p>\u201cIt seems that the 0xbaDc0dE did not properly protect the function that they used to execute dYdX flash loans.\u201d<\/p>\n<p>The hacker exploited the \u201ccallFunction,\u201d which is the function called by the dYdX router as a part of the flashloan execution, and the MEV bot code unfortunately allowed arbitrary execution.<\/p>\n<p>So, the hacker got the bot to approve the transaction and moved all the funds to another address.<\/p>\n<p>The recent incident showed how malicious players are taking advantage of vulnerabilities found in codes of crypto projects. This year alone, billions have been lost to hackers exploiting\u00a0these vulnerabilities.<\/p>\n<p>Only recently, a white hacker saved Arbitrum from an exploit that could have resulted in a loss of almost $500 million due to an initialization-related vulnerability.<\/p>\n<p>Posted In: Ethereum, Hacks<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/this-mev-bot-gained-and-lost-over-1m-in-1-hour\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Maximal Extractable Value (MEV) bot 0xbaDc0dE lost over $1 million after a hacker exploited a flaw in its code. Imagine making 800 ETH in a single arb \u2026 and an hour later then losing 1100 ETH to a hacker Here is the story of 0xbaDc0dE, an MEV bot who gained and lost it all [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7471,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-7470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7470"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7470\/revisions"}],"predecessor-version":[{"id":7472,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7470\/revisions\/7472"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7471"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}