MEVbots backdoor drains users’ Ethereum funds via arbitrage trading bot

Cointelegraph

Published Sep 24, 2022 05:46AM ET

Updated Sep 24, 2022 07:20AM ET

MEV gain, an Ethereum (ETH) arbitrage trading bot built by MEVbots, which claims to provide stress-free passive income, has been actively draining its users’ funds via a fund-stealing backdoor.

Arbitrage bots are programs that automate trading for profits based on historical market information. An investigation of MEVbots’ contract revealed a backdoor that allows the creators to drain Ether from its users' wallets.

Suspect account @chemzyeth promoting MEV services. Source: Google (NASDAQ:GOOGL) cache
@chemzyeth's Twitter (NYSE:TWTR) account deleted after community callout. Source: Twitter
Transaction of stolen funds from MEV gain's fund-stealing backdoor. Source: Peckshield

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