Bitget Wallet Expands Multi-Chain MEV Protection

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 integrates Maximal Extractable Value (MEV) protection directly into the platform’s Swap feature. Users can check if the security feature is activated by looking for the “MEV” logo on the Swap page or within the transaction signature.

The MEV Protection upgrade aims to prevent unfair trading mechanisms 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. By doing this, Bitget Wallet aims to eliminate vulnerabilities related to MEV bot activity.

Historically, MEV bots target liquidity pools by manipulating crypto asset prices, spreading false market sentiments among traders. Bitget Wallet claims its system can block these price fluctuations, ensuring users receive accurate and fair market prices.

New AI Token Analysis Feature

In addition, MEV bots often use gas fee inflation during high-demand trades. Bitget Wallet’s upgrade predicts reasonable gas fee ranges to prevent artificial bidding wars, thus protecting users from excessive transaction costs and ensuring trade stability.

Alvin Kan, COO of Bitget Wallet, mentioned the firm’s plans to continually improve the platform by introducing more security features and expanding services to include more blockchain networks.
“As MEV threats evolve, strengthening protection mechanisms remains essential for ensuring a stable and reliable trading environment,” Kan stated.

The Impact of MEV Bot Attacks

MEV bots are deployed on the blockchain to find profit opportunities in the market and execute trades rapidly. Recently, crypto traders have reported significant losses due to undetected MEV manipulation, highlighting the need for preventive measures to ensure market fairness.

A notable incident on March 12 involved a crypto trader losing over $215,000 while executing a stablecoin transfer due to an MEV bot sandwich attack on Uniswap (UNI) v3’s USDC (USDC) – USDT (USDT) liquidity pool, which had over $35 million worth of stablecoins.

User Reports of Loss

Michael Nadeau, the founder of The DeFi Report, explained that the bot front-ran the transaction and temporarily drained the USDC liquidity from the pool before the user’s transaction could execute. This left the user with a worse exchange rate, resulting in a $216,000 loss. Additionally, the bot operator paid $200,000 to a block builder named bobTheBuilder to ensure the attack’s success, ultimately profiting $8,000 from the exploit.

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