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…
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Coinbase Report Has Five Scenarios for Beating Bitcoin Quantum Threat
Burning some 1.7 million BTC is among the solutions
Crypto exchange Coinbase’s Quantum Advisory Council has released a report calling for the Bitcoin community to start work now on quantum-proofing the world’s largest cryptocurrency. It found that approximately seven million bitcoins are at risk of quantum theft, which could happen when quantum computers become powerful enough to break Bitcoin’s encryption. How far off that is remains a matter of debate, with some experts saying it’s at least a decade off. Others disagree. Google has set a 2029 deadline for quantum-proofing all of its encryption, citing the accelerating speed of advancements in the field. While those seven million bitcoins include some 1.7 million produced in the early days of the…
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Humanity Protocol Exploited for $36M
Multisig wallets were compromised, allowing attacker to mint $H tokens
Humanity Protocol said poorly protected multisignature wallet keys have been exploited to the tune of $36 million, driving the proof-of-humanity protocol’s $H token down as much as 85% today. The hack was first spotted Monday evening by onchain analyst Specter, who initially reported that 17 wallets holding the $H token had been drained of $5 million. Several hours later that total had grown to hundreds of wallets, Specter reported. Humanity protocol is a Worldcoin competitor, using privacy-preserving palm prints (instead of Worldcoin’s retina scans) to allow people to prove they are humans rather than bots or AI agents. “We’ve detected a security incident involving the compromise of private keys belonging…
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6 Million Bitcoins Exposed to Quantum Risk
Glassnode research shows many exchanges hold unsafe BTC
Some six million bitcoins, or 30% of the issued supply, are exposed to the quantum risk of theft. Analytics provider Glassnode said those bitcoins have exposed public keys, making them vulnerable to the risk that quantum computers may eventually be able to break their encryption and figure out private keys used to move BTC from their identifying public keys. The risk to bitcoin from quantum computing is still theoretical, with some experts saying it is a decade or even decades away, while others fear that it could be closer. The U.S. government has set 2035 as the date by which all government data must be quantum-resistant. There are ways the…
