Key Takeaways;
Around six users had fallen victim to the backdoor attack. Reportedly, MEVbots’ contract had a backdoor that allowed the creators to drain Ether from its users’ wallets.
MEV gain, an Ethereum arbitrage trading bot by MEVbots is reportedly draining users’ funds using a fund-stealing backdoor. An arbitrage bot is supposed to check pricing for your desired crypto token on different exchanges and perform trading. These bots also utilize historical data to plan trading strategies.
An investigation by the crypto community in MEVbots’ contract revealed a backdoor that allows the creators to drain Ether from its users’ wallets. Reportedly, it was luring investors by claiming to provide stress-free passive income.
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