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274

MIT Students Stole $25 Million In Seconds By Exploiting ETH Blockchain Bug, DOJ Says (slashdot.org)

submitted 1 year ago by 0nekoneko7@lemmy.world to c/technology@lemmy.world

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[–] shrugal@lemm.ee 114 points 1 year ago (27 children)

Here is a more detailed explanation of the exploit.

The Pepaire-Bueno brothers exploited a bug in MEV-boost's code that allowed them to preview the content of blocks before they were officially delivered to validators, according to the indictment.

The brothers created 16 Ethereum validators and targeted three specific traders who operated MEV bots, the indictment said. They used bait transactions to figure out how those bots traded, lured the bots to one of their validators which was validating a new block and basically tricked these bots into proposing certain transactions. [...]

So hardly an attack on any core system of cryptocurrencies.

[–] treadful@lemmy.zip 22 points 1 year ago (6 children)

Frustratingly vague for a Slashdot write-up.

“These brothers allegedly committed a first-of-its-kind manipulation of the Ethereum blockchain by fraudulently gaining access to pending transactions, altering the movement of the electronic currency, and ultimately stealing $25 million in cryptocurrency from their victims,” said Special Agent in Charge Thomas Fattorusso of the IRS Criminal Investigation (IRS-CI) New York Field Office.

Good to know the prosecutors have an understanding of what they're prosecuting... Not even a single mention of MEV in the DoJ press release.

[–] bartolomeo@suppo.fi 2 points 1 year ago

What's funny is that that's a description of MEV.

gaining access to pending transactions, altering the movement of the electronic currency, and ultimately stealing $25 million in cryptocurrency from their victim

I skipped "fraudulent" because neither MEV bots nor this attack can be called fraudulent imo, although MEV is definitely taking value one didn't help create.

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