MEV Sandwich Bot ‘arsc’ earns $30 million in two months from Solana users
In just two months, the popular maximum extracted value (MEV) sandwich bot “arsc” made $30 million from abusing Solana users.
MEV sandwich attacks consist of the attacker manipulating prices and profiting by positioning their own transactions around the victim's transactions.
They profit by buying victims' tokens below market value and selling them in blocks.
Make money with MEV Bot
Ben Coverston, founder of crypto business MRGN Research, revealed the activities of this sandwich bot, “arsc,” which secretly profited from Solana network members on June 15.
Coverston observed that the bot, using the wallet address “9973h…zyWp6,” appeared to be using cold storage to protect its assets.
“It was quite inactive and judging by its behavior it was almost certainly a locked cold wallet,” Coverston said.
This wallet owns nearly 19 million USD, including 17 million USD of Solana tokens and 1.1 million USD of Circle's USD Coin stablecoin.
The wallet also contains smaller amounts of Wrap-SOL (wSOL), Cringe Coin (CRINGE), and Kabosu (KAB).
According to Coverston, another notable wallet, “Ai4zq…VXKKT,” is quite active in the decentralized finance sector.
He said this wallet is gradually converting SOL to USDC through JUP DCA and owns large shares of Kamino and LST. Most of this wallet's $9.9 million is in non-SOL tokens.
Coverston identified a third wallet address, “BCbrp…vi58q,” as the suspected “main SOL bank” of arsc.
The wallet uses several signers and tippers for sandwich attacks.
Based on current prices, these three wallets own $29.8 million and the arsc operator seems to be trying to hide it.
“It seems like they don't like the attention because they've been trying their best lately to hide their activities and profits,” Coverston said.
