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   🆘Bill Cole 🇺🇦 (grumpybozo@toad.social)'s status on Thursday, 16-May-2024 02:41:41 JST 🆘Bill Cole 🇺🇦

   I though crypto was safe? https://infosec.exchange/@screaminggoat/112446226057448933

   • Embed this notice
     Insane Eagle Sun (sun@shitposter.world)'s status on Thursday, 16-May-2024 02:41:39 JST Insane Eagle Sun

     in reply to

     • feld
     @feld @grumpybozo It was exploiting a bug in an MEV transaction service's code, not Ethereum blockchain. It basically could preview MEV blocks on the service, and it proposed blocks that tricked some algorithmic traders into trading good tokens for junk ones that had a trick contract that disallowed trading for those specific bots.
     
     In my opinion screwing over algorithmic traders is just part of the risk/reward tradeoff of that kind of trading. The part where they exploited a bug in a third party complicates things but MEVs right now I don't think have any fiduciary duties or responsibilities.
     kaia likes this.
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     feld (feld@bikeshed.party)'s status on Thursday, 16-May-2024 02:41:40 JST feld

     in reply to
     @grumpybozo There's really not any information here that tells us anything useful.
     
     > “These brothers allegedly committed a first-of-its-kind manipulation of the Ethereum blockchain by fraudulently gaining access to pending transactions, altering the movement of the electronic currency, and ultimately stealing $25 million in cryptocurrency from their victims,”
     
     Gaining access to pending transactions: how? They were able to hack the mempool? What?
     
     Altering the movement of the currency: they... were able to change the destination address of pending transactions without needing the private key of the sender?
     
     There's not enough information here; it seems intentionally deceitful in the way they present this story
     kaia likes this.
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     lainy (lain@lain.com)'s status on Thursday, 16-May-2024 02:44:32 JST lainy

     in reply to

     • feld
     @feld @grumpybozo if I had to guess: running an “attack” by ordering the transactions in a way that profits the miner
   • Embed this notice
     feld (feld@bikeshed.party)'s status on Thursday, 16-May-2024 02:47:51 JST feld

     in reply to

     • Insane Eagle Sun
     @sun @grumpybozo yep, just found these details too. All they did was take advantage of a flaw to do the equivalent of stealing profits from high frequency traders or the parties that fight over credit card transaction fees
     
     Nobody's wallets were drained. Nothing was technically "stolen". People who take advantage of the system were taken advantage of.
     
     Hilarious.
     Insane Eagle Sun likes this.
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     Insane Eagle Sun (sun@shitposter.world)'s status on Thursday, 16-May-2024 02:48:46 JST Insane Eagle Sun

     in reply to

     • feld
     @feld @grumpybozo yeah exactly, they just tricked frontrunning bots. good. I hope the people running those bots never get their money back.
     lainy likes this.