Irony abounds as infamous ‘sandwich’ bot exploited for $7.7M

An infamous “sandwich” bot was exploited for $7.7 million in a hack dripping with irony. Jaredfromsubway.eth is a maximal extractable value (MEV) bot that specializes in sandwich attacks, in which an attacker sees a trade waiting to be executed and makes the same buy directly before the trade and sells immediately after it. The way it works is that the sandwiched trade raises the price of the cryptocurrency being bought, letting the bot sell at a profit. For example, if a buyer sets a $100 trade, it will jack the price up to $101. So the automated sandwich bot buys directly in front of the original trade, which now pays…