The infamous maximal extractible value (MEV) sandwich bot known as “arsc” has pocketed around $30 million from Solana users in the last two months through MEV attacks.

An MEV sandwich attack occurs when an attacker “sandwiches” a victim’s transaction between their own two transactions in order to manipulate the price and profit from the user. They profit by buying the victim’s token at a price cheaper than market value and then sell it in the same block.

Ben Coverston, founder of cryptocurrency firm MRGN Research, said in a June 15 post on X that this particular sandwich bot, known as “arsc,” has “gone to great lengths” to avoid attention while raking in profits from Solana network users.

One of the bot’s largest wallet addresses is “9973h…zyWp6,” which Coverston believes is primarily being used for cold storage.

“It is quite inactive and, judging by its behavior, is almost certainly a locked-down, cold wallet,” Coverston said.

According to Solana explorer site SolanaFM, the wallet holds a little over $19 million in total funds, which includes $17 million worth of Solana (SOL $148) tokens and $1.1 million in Circle’s USD Coin (USDC $1.00) stablecoin.

It also holds small amounts of wrapped-SOL (wSOL), Cringe Coin (CRINGE) and Kabosu (KAB) are also held.

Another main wallet, with address “Ai4zq…VXKKT,” is far more active in decentralized finance activities, Coverston said. “It’s gradually converting SOL into USDC via JUP DCA and holds significant positions in Kamino and various LSTs.”

It holds over $9.9 million in total funds, which mostly comprise non-SOL tokens, according to SolanaFM.

Coverston identified a third wallet address “BCbrp…vi58q,” which he believes is arsc’s “main SOL bank” as it uses dozens of different signers and tippers to commit the sandwich attacks.

The three wallets hold a combined $29.8 million at current prices and Coveston believes the operator behind arsc seems to be trying to keep a low profile.

It seems they don't enjoy the attention, as they've recently gone to great lengths to hide their activities and profits.

MEV sandwich bots often use intelligent algorithms to identify and exploit these opportunities for profit. They are a common activity among maximal extractible value bots on Ethereum too.

Over $1.38 billion had been wiped from “well-meaning” Ethereum users on or before April 2023, according to MEVBlocker.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP