The past few hours have been insane for avid crypto and NFT follower. #APE used only less than half the daytime to be the №3 hottest token on Ethereum, carrying a trading volume of over USD$100 million and keeping rising. It seems the carnival has started, and participants have gone ape.
However, there is a rule of thumb in DeFi: with the great opportunity lurks the great peril.
We canvas the 29757 transactions on #APE happening till noon EST, and we’d like to issue a warning for traders: BE AWARE, THE SANDWICH IS OUT THERE TO SNIPE YOUR #APE!
Take this deal as an example, which we identified as a sandwich arbitrage.
Let’s anatomize the process in the liquidity pool 0x..e67f.
- The victim at the address 0x..80fa planned to sell 1.4 WETH for APE.
- Attackers who have been scanning the mempool detected the victim and its intention.
- Attacker 0x..0159 started the transaction of selling 44.233706 WETH for 176.994496 APE to drive down the price of WETH.
- Under the lower price of WETH, Victim 0x..80fa can only gain 3.919601 APE, which it was supposed to receive more.
- Attacker 0x..0159 sold the 176.994496 APE for 44.546633 WETH.
- In the end, Attacker 0x..0159 chalked up 0.312927 WETH, deducting the cost on Ethereum, equalled USD$742.397910.
- During the process, Attacker 0x..0159 sent Miner 0x..a830 0.2 WETH for the benefit of transaction ordering.
For sure, this is not a single case. And we are working to discover more from today’s transaction regarding #APE. However, we’d like to send out this warning as the top priority before revealing more insight.
Meanwhile, you can check out the latest Hot Liquidity Pool and Hot Token page for additional data regarding #APE.
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