MEV Bot Makes Record $1.57M Profit in Flash Loan Attack on BNB Chain!

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Oct 12, 2023 10:13

A flash loan attack on the Pancakeswap BH/USDT trading pair on the BNB Chain has resulted in the largest single arbitrage profit in the chain’s history, according to EigenPhi. The attack was carried out by the MEV Bot: 0x21…480C on October 11, generating a profit of US$1.575 million for only $4.16. However, Beosin monitoring showed that this was a premeditated price manipulation attack on BH, with the entire sum being transferred to Tornado Cash. This incident highlights the vulnerability of decentralized finance platforms to malicious attacks and the urgent need to implement better security measures.