An entity connected to a wallet called “jaredfromsubway.eth” is wedging crypto traders, primarily those betting on tokens like Pepe and Chad.
Shovel manufacturers benefited the most from the gold rush, and the cryptocurrency trend is no exception.
Sandwich bots were leading bettors on newly issued tokens like pepe (PEPE) and chad (CHAD) — meme coins with no intrinsic value that caught wind of crypto Twitter’s degeneration almost overnight as the tokens saw volatility of more than 10,000%.
A sandwich attack traps a user’s transaction between two transactions, which are then further manipulated for profit. This is done by buying the same asset to front-run the victim’s transaction, and then selling the tokens to the victim in the same transaction at a slightly higher price.
Guest Speaker Jenny Johnson President and CEO Franklin Templeton
Jenny will discuss developing cryptocurrency-related investment products in the midst of a bear market, sentiment among her clients, and her lonely...
Shovel manufacturers benefited the most from the gold rush, and the cryptocurrency trend is no exception.
Sandwich bots were leading bettors on newly issued tokens like pepe (PEPE) and chad (CHAD) — meme coins with no intrinsic value that caught wind of crypto Twitter’s degeneration almost overnight as the tokens saw volatility of more than 10,000%.
A sandwich attack traps a user’s transaction between two transactions, which are then further manipulated for profit. This is done by buying the same asset to front-run the victim’s transaction, and then selling the tokens to the victim in the same transaction at a slightly higher price.
Sandwich attacks are not typically a form of exploit, but are viewed in crypto circles as a predatory behavior that robs users of value, causes gas fees to spike, and does no good to the network or users.
The victim might not notice this, but for the sandwich bots, the payoff could be in the millions of dollars as they target thousands of wallets and skim off a few dollars at a time.
A wallet called “Jaredfromsubway.eth,” likely a nod to the popular sandwich chain, has spent more than $20,000 on Ethereum network fees over the past week in an attempt to sandwich traders into mostly low-cap tokens.
That has driven up fees across the network, with each transaction on the Ethereum network costing more than $10 as of early Wednesday morning in Asia — 10 times more than the $1 it cost last week, according to Dune Analytics.
The data shows that Jaredfromsubway.eth’s actions mean they have spent 24% of all fees on Ethereum in the past seven hours, making them the top spender on the network.
That’s ahead of the fees spent by Arbitrum, a layer 2 blockchain that batches transactions on the Ethereum network, and Uniswap, the most used decentralized exchange.
It’s unclear how much money Jaredfromsubway.eth made from their front-running, but considering they spent a lot of money — and continue to do so — the gains likely far outweighed the costs.
Meanwhile, Pepe mania is in full swing. As CoinDesk reported, Pepe tokens have nearly doubled in the past 24 hours as crypto Twitter traders abandon their dog-themed token obsession and bet on the internet meme instead.
Dozens of Pepe wannabes also showed up, as did Chad, Wojak and BabyPepe — each a nod to the internet meme.