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MEVbots drain Ethereum funds from users through an automated trading robot

MEVbots drain Ethereum funds from users through an automated trading robot

MEV gain is an Ethereum (ETH) arbitrage robot built by MEVbots, which claims to provide stress-free passive income, actively draining funds from its users through a backdoor.

Arbitrage robots are programs that automate trading to make profits based on historical market information. An investigation into the MEVbots contract revealed a backdoor that allows the creators to drain Ether from their users’ wallets.

Our analysis confirms that what @mevbots is promoting has a fund-stealing reserve for the so-called “MEV gain”. Do *NOT* fall prey to this system https://t.co/z2eDqMF36b. And thanks to @monkwithchaos for the info https://t.co/dhSNGljoH0 pic.twitter.com/HWfCAwbae4 – PeckShield Inc. (@peckshield) September 23, 2022.

Crypto Twitter’s @monkwithchaos first reported the scam and it was later confirmed by blockchain investigator Peckshield.

Suspicious @chemzyeth account promoting MEV services. Source: Google Cache

After this revelation, the main promoter of the MEV, @chemzyeth, disappeared from the internet.

The @chemzyeth Twitter account has been deleted following a community appeal. Source: Twitter

Peckshield also confirmed that at least six users were victims of the backdoor attack.

Stolen funds transactions through the MEV gain. Source: Peckshield

However, since the contract is still active, at least 13,000 careless MEVbots followers on Twitter are at risk of losing their funds.

Also read: ETHW confirms exploiting cross-chain contract vulnerability

Continuing the success of Layer 2 solutions focused on scalability, Ethereum co-founder Vitalik Buterin shared his vision for Layer 3 protocols. He said:

โ€œA three-tier scaling architecture that involves stacking the same scaling scheme on top of itself generally does not work well. Roll-up, where both sets of roll-ups use the same technology, definitely doesn’t work.โ€

According to Buterin, one of the use cases for Layer 3 protocols is “custom functionality,” intended for privacy-oriented applications that would use zk evidence to enter privacy-preserving transactions into layer 2.

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