Bitget Wallet upgrades MEV Protection after viral $215k MEV bot attack on Uniswap

Bitget Wallet has expanded its multi-chain MEV protection, which allows it by default any major blockchains to protect users from Bot Mev attacks.

In a press release sent to Crypto.News, Bitget The portfolio reveals its last security Upgrade, which would directly integrate the protection of the extraction value or MEV protection into the swap function of the platform. Users can check if the security function is activated by checking the “MEV” logo on the SWAP page or on the transaction signature page.

The upgrading of MEV protection is designed to prevent unfair negotiation mechanisms which are generally used by MEV bots. It applies to several channels, including Ethereum (Ethn), Base (BASE), BNB channel (Bnb), Polygon (Matic) Referee (ARB), Solana (GROUND) and other major blockchains. Bitget Wallet aims to eliminate vulnerabilities linked to Bot MEV activity.

Historically, MEV bots target liquidity pools by frequently handling the prices of cryptographic assets, thus distributing the false feelings of the market among traders. Bitget Wallet claims that its system can block these false price fluctuations, ensuring that users receive precise and fair market prices.

In addition, another Mev Bots tactic tends to use is the inflation of gas costs during high demand transactions. The latest Bitget Wallet upgrade predicts reasonable gas fees ranges, thus preventing artificial tender wars on the platform. In this way, users are protected from excessive transaction costs while guaranteeing commercial stability.

COO of Bitget Wallet, Alvin Kan, said that the company’s plans continuously improve the platform by introducing more security features in the future and widening its services to include more blockchain networks.

“As the MEV threats evolve, the strengthening of protective mechanisms remains essential to ensure a stable and reliable commercial environment,” Kan said in his declaration.

To what extent is Mev Bot disastrous?

MEV robots are deployed on the blockchain to search for opportunities to make a profit on the market and automatically perform trading activities at a quick pace.

In recent months, crypto merchants have reported major losses due to the unteashed handling of the MEV, stressing the importance of preventive measures to ensure market equity.

On March 12, a crypto merchant lost more than $ 215,000 during the execution of a stable Transfer due to a sandwich attack at the Bot Mev. According to data from EtherscanThe attack occurred on Uniswap (UNITED) USDC de V3 (USDC) -Usdt (USDT) Liquidity pool, with more than $ 35 million in stable stables stored there.

Founder of the Defi MICHAEL NADEAU report explain that the bot forward the transaction and temporarily deleted all USDC liquidity of the pool before the execution of the user’s transaction. Following the drained liquidity, the user received a worse exchange rate, resulting in a loss of $ 216,000.

Not only did that, the Bot operator even paid $ 200,000 to a block manufacturer named Bobthebuilder to ensure the success of the attack. In the end, the attacker left with a profit of $ 8,000 in the bot attack.