A notorious maximal extractible value (MEV) sandwich bot known as “arc” has pocketed a staggering $30 million from Solana users over the past two months through MEV attacks. These attacks happen when an attacker sandwiches a victim’s transaction between their two transactions to manipulate the price and profit.
Ben Coverston, founder of cryptocurrency research firm MRGN Research, revealed in a recent post that this ARSC bot has gone to great lengths to avoid attention while profiting massively from Solana network users. According to the Solana explorer site SolanaFM, One of the bot’s largest wallets likely used for cold storage, holds over $19 million in funds. This includes $17 million of Solana (SOL) tokens and $1.1 million in the USD Coin (USDC) stablecoin.
Source: SolanaFM
Moreover, another main wallet connected to ARSC is far more active in decentralized finance activities. This wallet gradually converts SOL into USDC via the JUP DCA platform and holds significant positions in projects like Kamino and various liquid staking tokens. The value of funds in this wallet exceeds $9.9 million.
Solana’s ARSC Wallets: $29.8M Hidden In MEV Sandwich Attacks
Coverston identified a third wallet as ARSC’s “main SOL bank” used to carry out the sandwich attacks. This wallet utilizes dozens of signers and tippers to execute the attacks and profit from manipulating token prices.
These three main wallets linked to the ARSC bot operator hold $29.8 million worth of funds at current cryptocurrency prices. Coverston believes the person behind Arsc seems desperate to keep a low profile, recently going to great lengths to conceal their activities and massive profits from MEV attacks.
Furthermore, MEV sandwich bots like Arsc use intelligent algorithms to identify and exploit opportunities to sandwich transactions and profit. This shady activity is common among maximal extractible value bots operating on the Ethereum network. These bots have drained well over $1 billion from unsuspecting Ethereum users.
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