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MIT Students Stole $25 Million In Seconds By Exploiting ETH Blockchain Bug, DOJ Says (slashdot.org)

submitted 5 months ago by 0nekoneko7@lemmy.world to c/technology@lemmy.world

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[–] shrugal@lemm.ee 115 points 5 months ago (27 children)

Here is a more detailed explanation of the exploit.

The Pepaire-Bueno brothers exploited a bug in MEV-boost's code that allowed them to preview the content of blocks before they were officially delivered to validators, according to the indictment.

The brothers created 16 Ethereum validators and targeted three specific traders who operated MEV bots, the indictment said. They used bait transactions to figure out how those bots traded, lured the bots to one of their validators which was validating a new block and basically tricked these bots into proposing certain transactions. [...]

So hardly an attack on any core system of cryptocurrencies.

[–] survirtual@lemmy.world 35 points 5 months ago (18 children)

So they discovered faulty code and made some money?

Can anyone explain to me how this is illegal?

The code is a contract. If someone writes bad code and loses money, then write better code - just like if someone writes a bad legal contract and loses money.

The justice system is awful.

[–] Blackmist@feddit.uk 2 points 5 months ago (1 children)

Doesn't sound a huge deal different to High Frequency Trading, and Wall Street nobheads fall over themselves to exploit that.

[–] pedroapero@lemmy.ml 1 points 5 months ago

Sounds to me that the difference is they exploited a bug to get private information in order to game the bots.

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