MEV bot earned $1.5 million with $4 attack

On October 11, a MEV bot on the BNB Chain made a profit of $1.575 million from an attack using a flash loan of the BH/USDT trading pair on PancakeSwap, according to EigenPhi.

The cost of arbitration with the largest profit from such operations in the history of BNB Chain was only $4.16.

According to Beosin experts, the BH token was subject to an exploit worth about $1.27 million through price manipulation.

$BH token on BNB Chain was exploited for ~$1.27M due to suspected price manipulation. The profits were sent into Tornado Cash.
Attacker: 0xFDbfcEEa1de360364084a6F37C9cdb7AaeA63464

The attacker flashloaned a large amount of $USDTthen called 0x33688938() to add $USDT to the… pic.twitter.com/POppQswi7u

— Beosin Alert (@BeosinAlert) October 11, 2023

The attacker provided a loan in USDT and then exchanged the pair for BH, draining the token’s liquidity. The contract provides for a normal ratio of 1 USDT : 100 BH when adding funds. Thanks to the swap, the attacker was able to withdraw approximately 1 USDT: 2 BH.

According to Beosin, an unknown person sent the resulting assets to the Tornado Cash mixer.

On October 11th, the price of BH suddenly skyrocketed from $0.01 to around $2 when paired with USDT on PancakeSwap. This movement was preceded by a sharp drop in quotes. At the time of writing, the token is trading around $2.1.

Let us remind you that ForkLog spoke in the material about more than 10 main attack vectors for attackers on DeFi.

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