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One of Ethereum's best-known MEV bots, jaredfromsubway.eth, has lost approximately $7.5 million in a sophisticated exploit. According to blockchain analysts, the attacker tricked the trading algorithm into granting token spending approvals to malicious smart contracts under their control.
After the exploit, the stolen WETH, USDC, and USDT were converted into approximately 4,427 ETH. The attacker later sent 1,000 ETH through the crypto mixer Tornado Cash.
Researchers said the incident was not caused by compromised private keys, phishing, or a vulnerability in a major DeFi protocol. Instead, the attacker exploited the bot's automated trading logic.
Over several weeks, dozens of fake tokens and fraudulent liquidity pools were deployed, each designed to appear as a profitable trading opportunity for the MEV bot.
A sophisticated approval trap
According to investigators, the bot repeatedly approved the attacker's smart contracts to spend its assets. During small test transactions, those permissions were used legitimately, allowing the scheme to remain undetected. In larger transactions, however, the approvals were intentionally left active.A coordinating smart contract then simultaneously exercised those outstanding approvals across multiple addresses, draining the bot's wallets in a single transaction.
Additional analysis by developer banteg indicated that the exploit functioned as a carefully designed trap. It behaved normally for an extended period before switching into asset theft mode.
One of Ethereum's largest MEV bots
The jaredfromsubway.eth bot has operated on Ethereum since early 2023 and is considered one of the largest participants in the network's sandwich attack market. Such bots profit by placing transactions immediately before and after users' trades.Following the exploit, an X account claiming to belong to the bot's operator said the losses totaled $15 million and offered a $1 million reward for the return of the funds. However, researchers believe the account is likely fake, as there is no evidence linking it to the bot's actual operator.
The incident adds to a broader trend of rising losses across the DeFi sector. According to Binance CEO Richard Teng, DeFi hacks caused $621 million in damages during April 2026 alone. He argued that the industry's continued growth will depend on stronger security measures for users and smart contracts.
Earlier, hackers compromised Humanity Protocol after obtaining access to the private keys of a member of the Humanity Foundation. Analysts estimated losses from that attack at more than $30 million.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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