Solana Sandwich Bot Earns IDR 432 Billion! Beware of MEV Attacks on Blockchain Networks

Bittime - The famous bot called "arsc" which operates in the MEV (Maximal Extractable Value) field on the Solana network, has made profits of around IDR 432 billion (30 million US dollars) from Solana in the last two months through MEV sandwich attacks.

Also read: 441% Transaction Surge on Shibarium Shocks the SHIB Community

A MEV Sandwich Attack occurs when an attacker "sandwiches" a victim's transaction between two of their own transactions to manipulate prices and gain profits from users. The attacker makes a profit by buying the victim's token at a price lower than the market value and then selling it in the same block.

Ben Coverston, independent researcher and founder of MRGN Research , revealed in a post on Twitter on June 15 that this particular sandwich bot, known as “arsc,” has been “going to great lengths” to avoid attention while raking in profits from Solana network users.

Solana Sandwich Bot Attempts to Hide Profits

Coverston traced ARSC and found the three main wallets he used. One of the largest wallets, "9973h…zyWp6", is believed by Coverston to be primarily used for cold storage. This wallet holds total funds of more than IDR 276 billion (19 million US dollars), including IDR 248 billion (17 million US dollars) in Solana (SOL) tokens and IDR 16 billion (1.1 million US dollars) in Circle's USD Coin (USDC) stablecoin.

Also read: LayerZero Ready to Rock the Crypto World with Big $ZRO Token Announcement!

Another major wallet, “Ai4zq…VXKKT”, is much more active in decentralized finance (DeFi) activities. This wallet holds total funds of more than IDR 145 billion (9.9 million US dollars), most of which consists of non-SOL tokens.

Check Today's Crypto Market:

The third wallet, “BCbrp…vi58q”, was identified by Coverston as arsc's “main SOL bank” because it used dozens of different signers and tippers to carry out sandwich attacks. The three wallets have a combined total of IDR 432 billion (29.8 million US dollars) at current prices.

Coverston believes the operators behind arsc are trying to stay out of the spotlight. This is evidenced by their efforts to hide their activities and profits.

Negative Impact of MEV Sandwich Bot Attacks

A MEV sandwich attack like arsc's could have a negative impact on Solana users. Users may lose money due to manipulated token prices, and trust in the Solana network may decline.

Also Read How to Buy Crypto:

It is important to note that Coverston did not explicitly accuse arsc of any illegal conduct. However, he stressed that such bot activity is worth monitoring and discussing to increase transparency and accountability in the Solana ecosystem.

MEV Sandwich Bot Modus Operandi

MEV sandwich bots like arsc work in the following way:

• Monitoring network activity: Bots monitor activity on the Solana network for attack opportunities.
• Detecting transactions: The bot detects user transactions that involve buying or selling tokens.
• Conducting a sandwich transaction: The bot performs two transactions around the user's transaction, manipulating the price of the token and taking advantage of the price difference.

Also read: Manta Foundation Disburses $50 Million in Funds to Spur Blockchain Innovation

How to Protect Yourself from MEV Sandwich Attacks

Solana users can take several steps to protect themselves from MEV sandwich attacks:

• Use a decentralized exchange (DEX) platform: Decentralized DEXs are less vulnerable to MEV sandwich attacks because they do not have a single point of control.
• Use limit orders: Limit orders allow users to determine the maximum price they are willing to pay for a token.
• Use a higher slippage tolerance: Slippage tolerance is the maximum amount a user is willing to pay above the market price for a token.

Conclusion

MEV sandwich attacks like arsc's are an issue that needs to be addressed in the Solana ecosystem. Users should be aware of these risks and take steps to protect themselves.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Blockchain-Based Mobile Game Coming in 2025: Pudgy Penguins Collaborates with Mythical Games

Bitcoin Sees Gains Driven by Nearly $900 Million in ETF Inflows

BNB Hits ATH, Encourages Repricing in BNB Ecosystem

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.