- Ben Coverston of MRGN Research reports that the MEV bot located in Solana has actively sought to maintain a low profile thus far.
Through MEV attacks, the notorious maximal extractible value (MEV) sandwich bot known as arsc has siphoned up approximately $30 million from users of Solana in the past two months.
When a perpetrator sandwiches a victim’s transaction between two of their own, they are committing a MEV sandwich attack. Their goal is to manipulate the pricing and take advantage of the user. By purchasing the victim’s token below market value and reselling it within the same block, they make money.
In an article published on June 15 on X, Ben Coverston, the founder of the cryptocurrency company MRGN Research, stated that the sandwich bot known as arsc has gone to considerable measures to stay out of the spotlight while profiting from Solana network members.
9973h…zyWp6, one of the bot’s biggest wallet addresses, is presumably utilized for cold storage, according to Coverston.
According to Coverston, it is very likely a locked-down, cold wallet because of its inactive nature.
The wallet contains slightly more than $19 million in total assets, according to Solana explorer site SolanaFM. This amount comprises $1.1 million in Circle’s USD Coin USDC tickers down $1.00 stablecoin and $17 million in Solana SOL tickers down $148 tokens.
It also contains little amounts of Kabosu (KAB), Cringe Coin (CRINGE), and wrapped-SOL (wSOL).
According to Coverston, there is another primary wallet that is significantly more engaged in decentralized finance activities. Its address is Ai4zq…VXKKT. It has large holdings in Kamino and other LSTs and is steadily converting SOL into USDC via JUP DCA.
According to SolanaFM, it currently has approximately $9.9 million in total funds, the majority of which are non-SOL tokens.
Coverston discovered a third wallet address, BCbrp…vi58q, and believes that this is the primary SOL bank used by ARSA because the sandwich assaults are carried out by a multitude of signers and tippers.
At present pricing, the three wallets hold a total of $29.8 million, and according to Coveston, the operator of arsc appears to be attempting to maintain a low profile.
Intelligent algorithms are frequently used by MEV sandwich bots to recognize and take advantage of these lucrative possibilities. These are also frequent actions among Ethereum’s maximal extractible value bots.
MEVBlocker reported that on or before April 2023, well-meaning Ethereum users have lost around $1.38 billion.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
