Curve Finance Exploit – Largest MEV Block Reward Produced on Ethereum

• Eric.eth revealed some of the largest MEV block rewards in Ethereum history.
• The highest MEV reward is valued at around $1 million.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, completed its eighth anniversary on July 30. ETH’s journey will undoubtedly remain the focal point of the evolving crypto market. Recently, ETH core developer Eric.eth revealed that some of the largest MEV block rewards in Ethereum history have generated after the Curve finance exploit. 

On July 31, Eric.eth, Ethereum core developer, has tweeted that some of the largest MEV block rewards generated today. And also mentioned several MEV rewards, of which slot 6,992,273 received 584 ETH, the highest MEV reward valued at around $1 million. There were also other block rewards slot 6,993,342 received 345 ETH, slot 6,992,050 received 247 ETH, and slot 6,993,346 generated an MEV reward of 51 ETH. Moreover, he mentioned that it caused by the exploit in Curve Finance on July 30.

The maximal extractable value (MEV) referred to as the maximum value that can extracted from block production over the standard block reward. MEV was first applied in the context of proof-of-work and initially referred to as miner extractable value. After the transition of Proof-of-Stake, the MEV accrues completely to validators because they are the only party that can guarantee the profitable MEV opportunity.

Pre-mine Ethereum (ETH) Address Activated After 8 Years

According to the report, the recent largest MEV block rewards stem from the Curve exploit, where a MEV bot notices a hack in the mempool. It copies a Tx and pays the miners a large amount of ETH for a frontrunner. The MEV bot is a script that automates the process of Identifying and exploiting MEV opportunities on the Ethereum blockchain. 

Whale Alert, the blockchain transaction analyzer, has reported that a dormant pre-mine address containing 2,000 ETH worth $3,744,740 has activated after eight years. Moreover, The Whale account activated after the eighth anniversary of Ethereum.

At the time of writing, the trading price of Ethereum is $1,866, with a decline of over 0.46% in the last 24 hours. The trading volume of ETH has experienced a massive surge of 82.86%, according to CoinMarketCap.