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MIT Students Stole $25 Million In Seconds By Exploiting ETH Blockchain Bug, DOJ Says (slashdot.org)

submitted 6 months ago by [email protected] to c/[email protected]

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[–] [email protected] 1 points 6 months ago (3 children)

Here is a more detailed explanation of the exploit.

The Pepaire-Bueno brothers exploited a bug in MEV-boost's code that allowed them to preview the content of blocks before they were officially delivered to validators, according to the indictment.

The brothers created 16 Ethereum validators and targeted three specific traders who operated MEV bots, the indictment said. They used bait transactions to figure out how those bots traded, lured the bots to one of their validators which was validating a new block and basically tricked these bots into proposing certain transactions. [...]

So hardly an attack on any core system of cryptocurrencies.

[–] [email protected] 0 points 6 months ago (2 children)

So they discovered faulty code and made some money?

Can anyone explain to me how this is illegal?

The code is a contract. If someone writes bad code and loses money, then write better code - just like if someone writes a bad legal contract and loses money.

The justice system is awful.

[–] [email protected] 0 points 6 months ago (1 children)

This is like saying they discovered how to pick a lock so deserve everything in whats locked by it.

[–] [email protected] -1 points 6 months ago

No.

It is more like finding a gold mine on public BLM land. It is over treacherous mountains only experienced climbers can access. There are no signs or doors saying it is licensed to anyone; indeed, it isn't officially registered with BLM. So the climbers go in and take as many gold nuggets as they can carry.

Unbeknownst to them, it was a mine discovered by rich and connected people who have cronies in BLM. Rangers go and arrest the climbers and say that you aren't allowed to climb, climbing is illegal, and taking gold from that mine is illegal because someone else found it and dug it, even though they didn't properly secure it nor did they put up any signs. They assumed the mountain was enough protection.

This is closer to the situation.