Tether had blacklisted the rouge validator address that exploited $25 million from MEV bots but received pushback from the community for its approach.
The address in question exploited a bug in the MEV-boost relay to outsmart the MEV bots trying to execute a sandwich trade. Sandwiching occurs when one order is placed immediately before the trade and another immediately after it. In essence, the trader will front-run and back-run at the same time, sandwiching the original pending transaction in between.
In this case, the rouge validator address swooped in to back-run the MEV’s transaction, leading to losses of nearly $25 million in various digital assets, making it the largest MEV exploit to date. Etherscan has already flagged the address, warning of its involvement in the exploit.The USDT address held about $3 million in USDT at the time of blacklisting and a total of $21 million in various other ERC-20 tokens.
“MEV bots take advantage of mfers and it's all good but someone does it to them and they get blacklisted?!”that the blacklisting by Tether could be a result of a court order. Cointelegraph reached out to Tether to confirm, but didn’t get a response at press time.Tether’s action a “bad precedent,” while Fastlane Labs co-founder Jordan Hagan called it the “most concerning DeFi development of 2023.
The exploit wasnt in DeFi. Tether's block implies they have an opinion on eth's consensus / social layer.
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