Tether blacklisted the address of the hacker who stole $25 million a week ago
USDT Stablecoin issuer Tether blacklisted the address of the hacker who stole $25 million in cryptocurrencies in early April
The USDT 3 million stored in the hacker's account was blocked by the issuer of the largest stablecoin
Stablecoin issuer Tether has blacklisted the address of a hacker who stole $25 million in cryptocurrencies from MEV bots in early April. According to Blockchain Observer, the attacker had 3 million USDT left in his account, which turned out to be blocked.
MEV bots are programs designed to extract Maximal Extractable Value (MEV). The hacked bots were used to conduct "sandwich transactions": they detected a request for a large purchase of an asset and outbid it. The transaction would cause the price of the asset to rise, after which the bot would sell the coins at a profit. These programs became popular because they effectively chose the transactions that could generate the most revenue.
A hacker dubbed Sandwich the Ripper hacked eight such MEV bots in early April. According to analysts at Certik, the attacker replaced the bots' addresses in the transactions. As a result, he received "wrapped" bitcoins (WBTC) and Ethereum (WETH), as well as USD Coin (USDC), Tether (USDT), and Dai (DAI) stablecoins totaling about $25.4 million.
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