An entity connected to a wallet named “jaredfromsubway.eth” is sandwiching crypto traders, mainly those betting on memecoins such as $PEPE and $CHAD. By shauryamalwa.
Jenny will discuss developing crypto-linked investment products in a bear market, the mood among her clients and her lon...Sandwich bots are frontrunning punters of newly-issued tokens such as pepe and chad – memecoins with no intrinsic value that caught wind of Crypto Twitter degens almost overnight as theA sandwich attack, traps a user's transaction between two transactions, which is then further manipulated to gain profits.
The victim might not notice it, but for sandwich bots, the gains can run into millions of dollars as they target thousands of wallets and skim a few dollars each time. That has driven up fees of the entire network, data from Dune Analytics shows. Each transaction on the Ethereum network costs over $10 as of Asian morning hours on Wednesday – ten times more than last week’s $1 level.The actions of Jaredfromsubway.eth mean they spent 7% of all fees on Ethereum in the past 24 hours, the data shows, becoming the top spender on the network.
It is unclear how much Jaredfromsubway.eth made from their frontrunning actions, but given they spent a significant amount – and continue to do so – the gains likely exceed costs by a significant amount.
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