MEVbots Arbitrage Trading Bot ETH Scam Revealed

If you’ve been using the arbitrage trading bot named MEV Gain, we’ve got some bad news for you. While this bot was presented as an automated solution for trading based on historical data, the truth is different.

Namely, blockchain security company Peckshield has confirmed that MEV Gain is in fact a scam made to drain users of their Ether (ETH). Its creators, MEVbots, have installed a backdoor by means of which they’ve stolen funds from at least six users so far. Luckily, they jointly only lost some 5 ETH before the scam was discovered.

Following the discovery, the social media user nicknamed chemzyeth, who had been MEV Gain’s biggest promoter, rapidly disappeared from the web.

While the scam is now revealed, its contract is still active. With MEV’s 18,000 Twitter followers, hopefully, all users get the word of its creators’ intentions before more of them fall victim to the fraud.