On March 12, a crypto trader lost over $215,000 in a sandwich attack while swapping stablecoins.
Michael Nadeau, The DeFi Report founder, reported in a post on X that the trader attempted to exchange $220,764 in USD Coin
$0.9981
but ended up with just $5,271 in Tether
$0.9981
after a maximal extractable value (MEV) bot exploited the transaction.
The bot took advantage of the Uniswap v3
$120.83M
USDC-USDT liquidity pool by briefly pulling out the USDC before the trade was executed, only to restore it immediately after.
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According to Nadeau, the attacker sent $200,000 to an Ethereum
$1,888.77
block builder, “bob-the-builder.eth”, while keeping $8,000 in profit.
Initially, Nadeau criticized Uniswap, suggesting the platform’s design allowed these attacks to happen. However, after discussions with Uniswap CEO Hayden Adams and other community members, he acknowledged that the exploited transactions did not originate from Uniswap’s official front end.
A blockchain expert known as @TheDEFIac on X pointed out that the same trader, or someone using multiple wallets in a similar way, had been caught in at least six sandwich attacks. All these transactions followed the same route—funds borrowed from Aave
$165.48
were moved to Uniswap before being drained by MEV bots.
Two of these incidents took place on the same day, with different wallets losing $138,838 and $128,003 in separate swaps. Both transactions happened within minutes of each other and followed the same pattern as the larger $220,764 loss.
Recently, Kaspersky reported that cybercriminals used a crypto-mining malware called SilentCryptoMiner to target YouTube creators. How? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
