Data shows that the number of blocks affected by Sandwich attacks in the BNB Smart Chain reached a new record last month.
According to Dune data, 35.5% of blocks in BSC were manipulated by Sandwich attacks, abusing the blockchain’s transparency, immutability, and decentralization. This marked a new record for the BSC network.
Source: Dune
In Sandwich attacks, the malicious actor placed an order before and another immediately after a large transaction – in between on-chain transactions – to potentially buy and sell an asset at a lower price before the victim makes a move.
The main purpose of Sandwich attacks is to manipulate the price of cryptocurrencies on decentralized exchanges.
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This will leave the victim with a higher purchase price due to the low liquidity on DEXs. Consequently, the prey’s transaction would be worth less.
Data from the analytics platform shows that more than 43,000 DEX traders were affected by Sandwich attacks last week, the highest level in nine months. Furthermore, within the same time frame, 645 active bots have been spotted carrying out these manipulative attacks on the BSC network.
Last week, total DEX volume on BSC reached $9.2 million.
The rise of the Sandwich attacks in the BSC ecosystem comes as the network’s native token, BNB (BNB), registered a 17% increase in the past month. BNB is changing hands for $656 with a market cap of $94.5 billion at the time of writing.
On the other hand, Sandwich attacks on Ethereum (ETH) have decreased since July – from 62.9% to 40.2% in the past five months. Just over 12,000 DEX users on the network have suffered Sandwich attacks in the past month.
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