MEV Bots Uses an Arbitrage Trading Bot to Steal Ethereum from Customers through a Backdoor

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Last Updated on September 25, 2022 by Bitfinsider

MEV gain, an Ethereum arbitrage trading bot created by MEVbots, has been aggressively draining its users’ cash via a fund-stealing backdoor while claiming to offer stress-free passive income.

Programs called arbitrage bots automate trading for gains based on past market data. An examination of the MEVbots contract uncovered a backdoor that enables the developers to steal Ether (ETH) from the wallets of the program’s users.

First identified on Crypto Twitter, the scam was later verified by blockchain investigator Peckshield.

Source: Twitter

Shortly after, the main MEV chemzyeth promoter vanished from the internet after the revelation. However, given that the contract is still in effect, at least 13,000 naïve MEVbots Twitter followers still run the risk of losing their money.

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