Study: $60M Lost to Ethereum Sandwich Attacks as MEV Defenses Rise; ETH Technicals Turn Cautiously Bullish
Cointelegraph Research and EigenPhi analysed over 95,000 sandwich attacks on Ethereum between Nov 2024 and Oct 2025, estimating trader losses near $60 million. Monthly sandwich extraction fell from roughly $10M in late 2024 to about $2.5M by October 2025. Attackers captured only about 5% of extracted value after gas — much of the remainder went to block builders through fees — and net monthly attacker profits averaged ~$260K in 2025 (skewed by an $800K outlier). Attack frequency remained high (60k–90k/month) across ~515 distinct bots observed in October, though only ~100 bots were actively executing sandwiches monthly; average profit per sandwich is about $3, with many bots near breakeven. Roughly 70% of attacks are attributed to a single operator, “Jared,” whose upgraded v2 bot targets multiple victims and can manipulate pool liquidity. Nearly 40% of attacks hit low-volatility pools (stablecoins, wrapped tokens, liquid-staking tokens) and ~12% targeted stable-swap pools, exposing traders to unexpected slippage. The decline in extraction is consistent with growing adoption of MEV-protection tools and better slippage controls, but no universal, protocol-level fix exists yet; proposals such as threshold encryption are under discussion. The report also includes technical analysis for ETH: a break above the $3,600 resistance band could target $4,000–$6,000, while failure to hold $3,000 risks a pullback to ~$2,800. For traders: sandwich risk remains material — especially in low-volatility and stable pools — so use MEV protection, enforce tight slippage limits, monitor targeted pools, and account for silent execution costs that can erode returns even as overall extraction declines.
Neutral
The combined findings present a mixed signal for ETH price. The negative element is persistent on-chain exploitation: traders lost roughly $60M to sandwich attacks, attack counts remain high, and low-volatility pools remain attractive targets — all factors that can erode confidence in trade execution and reduce capital efficiency. However, extraction values have fallen sharply (monthly extraction down from ~$10M to ~$2.5M), attacker margins are thin (attackers net ~5% after gas), and uptake of MEV-protection tools appears to be limiting damage. Additionally, the report’s technical analysis points to a possible bullish trajectory for ETH if key resistances are breached (break above $3,600 targeting $4,000–$6,000), while failure to hold $3,000 risks a retracement. Net effect: the direct price impact is ambiguous. In the short term, ongoing MEV risk and execution friction could weigh on trader confidence and liquidity in vulnerable pools, creating episodic downward pressure. In the medium term, improved MEV defenses and a constructive technical structure could reduce silent losses and support a modest bullish case for ETH. Therefore, classify the immediate price impact as neutral — risks and supports roughly balance out — but traders should monitor MEV mitigation progress and the $3,000/$3,600 technical levels.