Phishing victim loses $500K USDC; MEV bot steals $370K in Base Chain attack

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On-chain reports indicate a Base chain user lost 500,000 USDC in a phishing attack. The attacker attempted to swap the funds to WETH but failed to set slippage, routing the trade to an illiquid Uniswap V4 pool. The trade executed for only 67.9 ETH ($129,000). A MEV bot front-ran the transaction, earning $370,000 with minimal fees. The victim later sent on-chain messages to both the attacker and the MEV address, offering a 10% bounty for a refund. ETH news underscores the risks of improper transaction settings and MEV exploitation.

HuoXing Finance reports, according to GoPlus monitoring, a user on the Base chain lost 500,000 USDC due to a phishing attack. When the attacker attempted to convert the stolen funds to WETH, their script lacked slippage protection, routing the transaction to a Uniswap V4 WETH/USDC pool with almost no liquidity. As a result, the 500,000 USDC were exchanged for only 67.9 ETH (worth $129,000), with $370,000 siphoned off by MEV bots. The MEV bot front-ran the transaction by paying just 0.03 USDC but incurred a gas fee of 3.5 ETH. Subsequently, the victim sent on-chain messages to both the attacker and the MEV address, claiming to have identified the attacker’s identity and offering a 10% bounty in exchange for a refund.

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