Subway Bot Makes Millions With ‚Sandwich‘ Attacks20. April 2023
• An anonymous MEV bot operator has made over $1 million this week by executing “sandwich attacks” against buyers and sellers of two new meme coins.
• The wallet address is linked to the Ethereum Name Service (ENS) domain “jaredfromsubway.eth” and profited a total of around $1,550,000 in three days.
• This type of attack is possible due to the victim’s transaction waiting in the mempool to be added to the next block, allowing the attacker to buy it at a cheaper price than market value.
Subway-Themed Trading Bot Profits Millions with Sandwich Attacks
Anonymous MEV Bot Operator
An anonymous Maximal Extractable Value (MEV) bot operator has made well over $1 million this week by executing “sandwich attacks” against buyers and sellers of two new meme coins. The wallet address associated with the Ethereum Name Service (ENS) domain “jaredfromsubway.eth” netted profits of about $950,000 on April 18th, $300,000 and $400,000 on April 17th and 19th respectively according to an April 19th tweet from nonfungible token data platform Sealaunch.
What Are Sandwich Attacks?
A sandwich attack occurs when an attacker inserts their own transactions between a victim’s transaction that is sent to the mempool waiting for addition into the next block. The attacker sets one transaction with a high gas fee which ensures it is accepted first and another transaction with a lower gas fee which ensures it is accepted after the victim’s transaction. By doing so they can buy the victim’s token at a cheaper price than market value, thus profiting from their actions.
Profits From Meme Coins
A large proportion of this week’s profits came from attacking trading activity relating to two new meme coins: Pepe (PEPE) and Wojak (WOJAK). As crypto researcher Matt Willemsen reported; 7% of all Ethereum gas fees were spent by one MEV bot alone within 24 hours between April 18th-19th – with jaredfromsubway.eth becoming number 1 gas spender over both past day and week periods combined.
Tongue-In-Cheek Nod To Disgraced Spokesperson
The ENS domain „jaredfromsubway“ may be seen as a tongue-in-cheek nod towards popular sandwich chain Subway’s disgraced former spokesperson Jared Fogle who was sentenced for child pornography charges in 2015 after 15 years working for Subway restaurants as their official spokesperson .