"jaredfromsubway" unveils a new dish! New MEV Bot attack strategy targets multiple victims at once

The latest report from the MEV tracking website EigenPhi indicates that the MEV Bot, known as "jaredfromsubway.eth," has seemingly abandoned its previous contract address and updated its attack strategy, expected to execute more complex and profitable arbitrage attacks.

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What is MEV and Sandwich Attacks?

MEV, or Maximum Extractable Value, refers to arbitrage strategies that exploit profit advantages by manipulating transaction sequences, including "front-running" and "sandwich attacks".

Sandwich attacks involve placing a transaction before and after a victim's trade to sandwich the user, manipulate prices, and profit from it. This type of exploit not only harms individual users but also wastes network resources and reduces efficiency.

EigenPhi data shows that sandwich attacks carried out through MEV Bots have successfully extracted over $1 million in the past month.

MEV, a controversial aspect of blockchain technology, is being addressed by various chains to prevent such malicious technical exploits. Initiatives like the Solana Foundation and Ethereum co-founder Vitalik Buterin have proposed solutions such as reclaiming validator incentives and introducing anti-MEV protocols like CowSwap to mitigate MEV issues.

12 seconds to steal 25 million Euros! Two American brothers arrested for the first case of MEV bot manipulation, Prosecutor: Ethereum integrity questioned

How to Avoid?

To prevent falling victim to the aforementioned attacks, here are some anti-MEV solutions:

• CowSwap
• Flashbots Protect
• UniswapX
• MetaMask Smart Trade Feature

Jaredfromsubway Returns with New Recipe

EigenPhi reports that the largest sandwich attack MEV Bot on Ethereum, "jaredfromsubway.eth," has reduced its attack activities since August 7 and ceased operations starting on the 14th.

However, the team discovered another new MEV contract created by Jared, with over 85,000 transactions, paying around 765 ETH in gas fees (approximately $2 million) and earning over $393,000.

A New Sandwich with More Layers, More Victims

Furthermore, EigenPhi found that Jared stealthily upgraded the bot to execute more complex "five to seven-layer" sandwich attacks.

The team revealed that the bot performs more transactions within the same block, making its strategies harder to analyze and track as part of the sandwich attacks:

Jared 2.0 places "add liquidity trades" at the forefront or center of the attack and can also place "remove liquidity trades" at the rear.

They added, "This ensures the bot gets better pricing while victims complete transactions at worse prices."

EigenPhi notes that Jared 2.0 is frequently attacking and manipulating Uniswap V3 pool rates through this method, expressing concerns about its more advanced strategies:

Our analysis only scratches the surface; these combinations are versatile, capturing more victims by inserting multiple transactions before and after the attack.