MEVbots backdoor drains users’ Ethereum funds via arbitrage trading bot

By Clark

An investigation of MEVbots’ contract discovered a backdoor that enables the creators to empty Ether from its users’ wallets.

MEV gain, an Ethereum (ETH) arbitrage commercialism larva designed by MEVbots, that claims to produce stress-free passive financial gain, has been actively debilitating its users’ funds via a fund-stealing backdoor.

Arbitrage bots are programs that automatize commercialism for profits supported historical market data. An investigation of MEVbots’ contract discovered a backdoor that enables the creators to empty Ether from its users’ wallets.

The scam was initially distinguished by Crypto Twitter’s @monkwithchaos and later confirmed by blockchain investigator Peckshield.

Following the revelation, the primary promoter of MEV @chemzyeth disappeared from the net.

Peckshield  confirmed that a minimum of six users had fallen victim to the backdoor attack.

Carrying forward the success of scalability-focused layer-2 solutions, Ethereum co-founder Vitalik Buterin shared his vision for layer-3 protocols. He stated:

“A three-layer scaling design that consists of stacking the same scaling on high of itself usually doesn’t work well. Rollups on high rollups, wherever the 2 layers of roll ups use the same technology, definitely don’t.”

One of the use cases for layer-3 protocols, consistent with Buterin, is “customized functionality” — aimed toward privacy-based applications which might utilize zk proofs to submit privacy-preserving transactions to layer 2.