🌪️ FTX "drainer" causes more market mayhem

🌪️ FTX "drainer" causes more market mayhem 🙏 Solana's performance update: hopes raised, confidence restored? 🤖 ETH network bot pays a 93 ETH tx fee to front-run other bots

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Here's what happened in the space during the weekend:

🌪️ FTX "drainer" causes more market mayhem

🙏 Solana's performance update: hopes raised, confidence restored?

🤖 ETH network bot pays a 93 ETH tx fee to front-run other bots

FTX "drainer" causes more market mayhem

The FTX hacker continues to wreak havoc on the crypto markets, as they are now taking their ill-gotten riches and cashing out for bitcoin - with no signs of stopping. After an already rough weekend for ether holders, the hacker added insult to injury by swapping 5,000 ETH for renBTC and then swiftly sending it off-chain.

It's as if they are saying "Hey, you thought the 5% drop was bad? Just wait until I liquidate all my ETH for BTC!" The market reeled in response, with the price of ETH dropping even further as traders scrambled to get out.

Meanwhile, the wallet labeled "FTX Accounts Drainer" on Etherscan remains among the largest holders of ether - a reminder of how much damage one person can cause in this space. The identity of this individual is still unknown and the mystery remains unsolved. Some people say it was a hacker, others say it was an inside job. In any case, this FTX drainer has certainly caused a stir in the crypto community and is likely to be a source of speculation for some time.

The only thing we do know is that they have made off with an incredible amount of money - and no one knows who they are or where the funds will end up next. All we can do is watch ETH get mercilessly beaten down and hope that the perpetrator is brought to justice soon.

Solana's performance update: hopes raised, confidence restored?

Solana shutdown issues might be a thing of the past as Anatoly Yakovenko, co-founder of Solana Labs, just released an update that should hopefully fix the Solana network outages.

Seems like Yakovenko finally has a solution to a problem that had been giving him and all validators nightmares for a while now - the new node version (1.13.5) is said to solve the UDP-based protocols' overloaded issue and, if the data presented is anything to go by, it seems like this update might actually do the trick.

According to him, the average number of transactions per second is now 2,000 with an average block time of 0.5 milliseconds. Hopefully, these numbers will be enough to restore the trust of the crypto community in this blockchain. Solana has received a lot of criticism in the past, but the fact that it gets constantly updated and fixed quickly is something that has to be appreciated during these times. Let us hope that the updates of Solana continue to get better and help this blockchain reach its full potential.

ETH network bot pays a 93 ETH tx fee to front-run other bots

According to data from Etherscan, it appears that a bot made a transaction on the Ethereum blockchain that cost 93 ETH. Of course, this is an astronomical amount for any kind of transaction, and it's obvious that the sender was an MEV bot.

For those unfamiliar with this concept, MEV bots are able to keep track of what transactions will be added to the blockchain next, enabling them to take advantage of price spreads in different exchanges.

This particular MEV bot seems to have been working as an arbitrage trader, starting with 0.245 Wrapped ETH and swapping it for 35.7k MCB on Uniswap V2. It then shifted this for 234.9k SPELL which was transferred to Sushiswap, where it was converted for 96.17 Wrapped ETH, a return of almost 3 ETH from an initial investment of 0.245 ETH. And while 3 ETH is an impressive return for a single transaction, the real star of this show is the 93 ETH fee that was attached to it.

The sheer quantity of bots fighting over the same trade means that the first one to complete it takes all the spoils. But that means that the bot had to make sure its transaction was processed first, and that's where the 93 ETH fee comes in. By attaching this fee to the transaction, it was able to outcompete all the other bots, ensuring it got its trade in first and securing the 3 ETH return.

It's a fascinating example of how crypto is evolving and the lengths people are willing to go to in order to make a profit. Clearly, greed (or its algorithmic equivalent) is still alive and well in the world of cryptocurrency.