MEV Bot Jaredfromsubway.eth Drained of $7.5M

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

ETH+1.818%

DEFI+1.5%

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Attack Method Unveiled: The attacker exploited 66 fake token contracts to trick Jaredfromsubway.eth into granting spending approvals, resulting in over $7.5 million drained, highlighting the inherent risks in MEV infrastructure.
Automation Execution Flaw: This incident was neither a classic phishing attempt nor a straightforward smart contract vulnerability, but rather a design flaw in the automated execution system, emphasizing security vulnerabilities in trust-minimized decision logic.
Market Impact Analysis: While MEV bots extract profits, they can impose an 'invisible tax' on DeFi users, and this event shifts the focus to the security assumptions of MEV systems, reminding market participants to be wary of the risks associated with automated approvals.
Future Outlook: Investors and DeFi users should monitor whether this incident triggers broader scrutiny of how MEV bots handle approvals and 'helper' contracts, as well as whether similar 'counter-MEV honeypot' tactics emerge against other automated systems.

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Technical Analysis for ETH

Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Ethereum (ETH) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	1441.644	1546.867	1639.094	1744.317	1836.544	1941.767	2033.994
Fibonacci	1546.867	1622.293	1668.891	1744.317	1819.743	1866.341	1941.767

About ETH

Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.Ethereum was first described in a 2013 whitepaper by Vitalik Buterin. Buterin, along with other co-founders, secured funding for the project in an online public crowd sale in the summer of 2014. The project team managed to raise $18.3 million in Bitcoin, and Ethereum’s price in the Initial Coin Offering (ICO) was $0.311, with over 60 million Ether sold. Taking Ethereum’s price now, this puts the return on investment (ROI) at an annualized rate of over 270%, essentially almost quadrupling your investment every year since the summer of 2014.The Ethereum Foundation officially launched the blockchain on July 30, 2015, under the prototype codenamed “Frontier.” Since then, there has been several network updates — “Constantinople” on Feb. 28, 2019, “Istanbul” on Dec. 8, 2019, “Muir Glacier” on Jan. 2, 2020, “Berlin” on April 14, 2021, and most recently on Aug. 5, 2021, the “London” hard fork.Ethereum’s own purported goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime and fraud.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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