Bitget Wallet has expanded its multi-chain MEV protection, enabling it by default across major blockchains to protect users from MEV bot attacks.
In a press release sent to crypto.news, Bitget Wallet reveals its latest security upgrade, which would directly integrate Maximal Extractable Value Protection or MEV protection directly into the platform’s Swap feature. Users can check whether the security feature is activated by checking the “MEV” logo on the Swap page or within the transaction signature page.
The MEV Protection upgrade is designed to prevent unfair trading mechanisms that are usually employed by MEV bots. It applies across multiple chains, including Ethereum (ETH), Base (BASE), BNB Chain (BNB), Polygon (MATIC), Arbitrum (ARB), Solana (SOL) and other major blockchains. Bitget Wallet aims to eliminate vulnerabilities related to MEV bot activity.
Historically, MEV bots target liquidity pools by frequently manipulating crypto asset prices, thereby spreading false market sentiments among traders. Bitget Wallet claims its system can block these false price fluctuations, ensuring users receive accurate and fair market prices.
In addition, another tactic MEV bots tend to use is gas fee inflation during high demand trades. Bitget Wallet’s latest upgrade predicts reasonable gas fee ranges, thus preventing artificial bidding wars on the platform. This way, users are protected from excessive transaction costs while ensuring trade stability.
COO of Bitget Wallet, Alvin Kan, stated the firm’s plans to continuously improve the platform by introducing more security features in the future and expanding its services to include more blockchain networks.
“As MEV threats evolve, strengthening protection mechanisms remains essential for ensuring a stable and reliable trading environment,” said Kan in his statement.
How disastrous are MEV bot attacks?
MEV bots are deployed on the blockchain to look for opportunities to make a profit in the market and automatically carry out trading activities at a rapid pace.
In recent months, crypto traders have reported major losses due to undetected MEV manipulation, emphasizing the importance of preventive measures to ensure market fairness.
On March 12, a crypto trader lost over $215,000 while executing a stablecoin transfer due to an MEV bot sandwich attack. According to data from Etherscan, the attack occurred on Uniswap (UNI) v3’s USDC (USDC) -USDT (USDT) liquidity pool, with more than $35 million worth of stablecoins stored in it.
Founder of The DeFi Report Michael Nadeau explained that the bot front-ran the transaction and temporarily removed all the USDC liquidity from the pool before the user’s transaction was executed. As a result of the drained liquidity, the user received a worse exchange rate, resulting in a $216,000 loss.
Not only that, the bot operator even paid $200,000 to a block builder named bobTheBuilder to ensure the attack’s success. In the end, the attacker walked away with a $8,000 profit from the bot attack.