Fun

News Feed - 2023-07-31 02:07:49

Martin Young3 hours agoEthereum logs $1M MEV block reward amid Curve Finance exploitThe highest recently generated block reward was 584 ETH, created by a MEV bot front-running transactions during the DeFi chaos.1419 Total views48 Total sharesListen to article 0:00NewsJoin us on social networksThe recent Curve Finance exploit has reportedly led to one of the largest ever maximal extractable value (MEV) reward blocks of 584.05 Ether (ETH). 


On July 31, Ethereum core developer “eric.eth” reported that “today has produced some of the largest MEV reward blocks in Ethereum’s history,” adding it was caused by the exploit of Curve Finance stable pools on July 30.


Data shows a larger MEV reward block of 692 ETH was recorded in March.


“A bot notices an incoming hack in the mempool, reproduces the tx [transaction] and front runs it”, he explained before adding, “To do so they pay the block producer a lot of ETH to be front of the line.”Today has produced some of the largest MEV reward blocks in Ethereum’s history.

Slot 6,992,273: 584 ETH

Slot 6,993,342: 345 ETH

Slot 6,992,050: 247 ETH

Slot 6,993,346: 51 ETH— eric.eth (@econoar) July 30, 2023


A MEV bot is designed to generate extra revenue by reordering and/or inserting transactions in an otherwise normal block to generate arbitrage opportunities.


MEV bots can also see pending liquidation transactions and front-run them to buy the liquidated assets first at a discount.


The validator gets to propose a block using a relay that outsources their block production to entities specialized in extracting this extra revenue. They will get a cut of this revenue in exchange for allowing the MEV bot to front-run the transaction.


This is known as the “block reward” and some huge ones have been logged over the past few hours.


The highest MEV bot block reward was 584.05 ETH, valued at around $1 million, confirmed at 1.34 am UTC on July 31, according to Beaconcha.in. There were also block rewards for 345 ETH and 247 ETH around that time.


Related:Vyper vulnerability exposes DeFi ecosystem to stress tests


Moral questions were raised among the responses to the tweet and the implications of potentially illicit funds being used to pay validators to allow the front-running of transactions.“And this is where the morality of MEV rewards going to miners gets pretty shady. These are effectively hacked funds.”


In April, a Subway-themed trading bot made millions in extractable value by using “sandwich attacks” during the memecoin trading frenzy.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine: Should crypto projects ever negotiate with hackers? Probably# Ethereum# Rewards# Hacks# DeFi# Validator# Curve FinanceAdd reactionAdd reactionRelated NewsHow to use index funds and ETFs for passive crypto incomeWorldcoin is making reality look like a lot like Black MirrorEthereum is about to get crushed by liquid staking tokensCrypto lender Geist Finance shuts down permanently over Multichain hackCurve omnipool platform Conic Finance hacked for $3.2M in ETHConnext, Alchemix launch cross-chain token standard to reduce bridge exploit losses

News Feed

Onkar Singh10 hours agoHow to backup your crypto wallet private keysTo securely backup your crypto wallet private keys, create an encrypted offline copy on a hardware wallet or write them on paper.1420 Total views22 Tota
A Gateway to Web3: TokenPocket Wallet – a Secure Decentralized Wallet That Integrates Trading, DApp Store, and the Crypto Markets
A Gateway to Web3: TokenPocket Wallet - a Secure Decentralized Wallet That Integrates Trading, DApp Store, and the Crypto Markets press release PRESS RELEASE.TokenPocket has reached
Tom Mitchelhill6 hours agoEmmett Shear new CEO of OpenAI: A timeline of Sam Altman’s oustingHere’s everything that’s happened since OpenAI co-founder Sam Altman was suddenly fired from his role as CEO.2363 Total vi
Big Tech’s Freedom of Speech Purge Pushes People to Censorship-Resistant Blockchain Social Media
Big Tech"s Freedom of Speech Purge Pushes People to Censorship-Resistant Blockchain Social Media During the last few days, the world has watched the Big Tech and
Accounting Firm PWC’s Hong Kong Branch Purchases Land in The Sandbox Metaverse
Accounting Firm PWC"s Hong Kong Branch Purchases Land in The Sandbox Metaverse On Thursday, Pricewaterhouse Coopers’ (PWC) Hong Kong unit announced that it purchased a land
Valora launches ‘Mobile Stack’ Web3 launchpad for iOS and Android
Tristan Greene7 hours agoValora launches ‘Mobile Stack’ Web3 launchpad for iOS and AndroidThe peer-to-peer payments company aims to grow Web3 beyond its current crypto-native audience.1872 Total views1 Total sharesLi
Ariva (ARV) Announces Milestone Partnership With World Tourism Forum Institute (WTFI) and Global Tourism Forum (GTF)
Ariva (ARV) Announces Milestone Partnership With World Tourism Forum Institute (WTFI) and Global Tourism Forum (GTF) press release PRESS RELEASE. Ariva, a next-generation tourism &
South Korea looks to upgrade status of crypto crime unit
Derek Andersen4 hours agoSouth Korea looks to upgrade status of crypto crime unitThe temporary unit is reportedly being transformed into a permanent department as enforcement actions rise dramatically in South Korea.966
Taraxa Wants to Put Every Informal Transaction on the Record, Unveils Details About the Upcoming TGE
Taraxa Wants to Put Every Informal Transaction on the Record, Unveils Details About the Upcoming TGE press release PRESS RELEASE. The Taraxa Foundation, a non-pro
Self-Proclaimed Satoshi Nakamoto's Bitcoin 'Reveal' Is an Epic Fail
TwitterFacebookLinkedInThe "big reveal" by the latest self-proclaimed Satoshi Nakamoto was an epic failure that overpromised and underdelivered. | Source: ShutterstockBy CCN Markets
Bitcoin, Ethereum Technical Analysis: BTC Climbs Above $30,000 as Balenciaga Greenlights Crypto Payments
Bitcoin, Ethereum Technical Analysis: BTC Climbs Above $30,000 as Balenciaga Greenlights Crypto Payments Bitcoin rallied to above $30,000 to start the week, as bulls returned to cr
Is The Bitcoin Top In For This Cycle? On-Chain Signals You Need To Know
Este artículo también está disponible en español. Bitcoin’s price retracement from its new all-time high of $108,353 on Tuesday to around $96,000 (a -11.5% pullback) ha