Pseudonymous trader Jaredfromsubway.eth has reemerged with a revamped MEV (Maximum Extractable Value) bot that is generating substantial profits.
The trader has been deploying new arbitrage and sandwich attack strategies that have earned him millions in Ethereum (ETH).
Jared, who gained notoriety in 2023 by amassing millions of dollars in ETH through similar tactics, appears to have discontinued his previous contract address.
However, as reported by MEV tracking site EigenPhi, the trader has not retired from the scene.
Instead, he has launched a new contract that has been wreaking havoc on-chain with sophisticated trade-squeezing methods.
Jared’s New MEV Uses Same Key Pair as Previous Bot
EigenPhi’s analysis reveals that Jared’s new contract was created using the same public/private key pair as his original bot.
The confirmation links the new address directly to Jared, the same entity responsible for raking in millions within just three months of launching in 2023.
MEV, or Maximum Extractable Value, refers to the process of reordering transactions within a block to maximize profit.
This practice is especially prevalent on decentralized exchanges like Uniswap, where the sequence of transactions can significantly impact trading prices.
Both ethical and malicious actors engage in MEV to reorder or exclude transactions to their advantage.
Jared’s new contract has already processed over 85,000 transactions, generating approximately 765 ETH, equivalent to nearly $2 million at current market prices.
The data, pulled from EigenPhi’s Dune Dashboard, highlights the effectiveness of Jared’s upgraded MEV bot.
One of the most concerning aspects of Jared’s return is his use of increasingly complex sandwich attacks.
These attacks involve a series of transactions that manipulate the market to Jared’s benefit.
For instance, a five-layer or seven-layer sandwich attack, as executed by Jared, targets multiple victims simultaneously, exploiting arbitrage opportunities created by his bot.
In its simplest form, a sandwich attack involves front-running and back-running a user’s transaction.
This means Jared’s bot buys before a user’s transaction is processed, drives up the price, and then sells immediately after, profiting from the artificially inflated price at the expense of regular traders.
Jared’s Tactics Evolve
However, Jared’s tactics have evolved.
EigenPhi reported that his new strategy involves adding and removing liquidity transactions at different stages of the attack, making it even more difficult for victims to avoid falling prey.
“Jared 2.0 would use adding liquidity transactions as the front piece and/or the centerpiece and removing liquidity transactions as the back piece,” the report said.
“The combination can be various, putting several transactions in between, becoming sandwich attack victims.”
As reported, MEV sandwich bot named “arsc” has managed to accumulate approximately $30 million by exploiting Solana users through MEV attacks in a span of just two months.
Earlier this year, a MEV arbitrage bot operator, known as 2Fast, achieved a profit of $1.8 million from a single transaction bundle.
The bot, under the control of 2Fast, transformed an initial investment of 703 SOL, valued at approximately $70,000, into a whopping 19,035 SOL, equivalent to around $1.9 million.
An additional 890 SOL was generously tipped to Figment, a prominent network validator.
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