Bots Rake in Over $2 Million in Profits Sniping Friend.Tech Keys, Here’s How They Made Millions
According to recent data analyzed by crypto researcher @tomwanhh, so-called maximal extractable value (MEV) bots have been aggressively sniping Friend.Tech keys on the Ethereum blockchain and profiting heavily from the activity.
It is estimated that at least 113 MEV bots have cumulatively sniped more than 20,000 Friend.Tech keys, garnering over $2 million in profits so far. The most successful bot identified, with the address 0xCC…Cc85, has netted approximately $580,000 from sniping just 96 keys.
The analysis found that August 21st marked the peak so far for MEV bot activity related to Friend.Tech keys, with 216,000 successful transactions and 308,000 failed transactions attributed to bots on that date.
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Show more +The researchers highlighted that extracting MEV from NFTs and social tokens is a growing trend, and lack of regulation allows bots to take advantage of scarcity and high demand to profit heavily from this activity with minimal effort.
While innovative, the proliferation of MEV strategies raises concerns around fair access to scarce digital assets. The community may need to explore solutions to curb predatory bot activity on open blockchains.
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