Ethereum MEV bot Jaredfromsubway.eth drained for $7.5M
Attacker tricked automated approvals to pull more than $7.5 million from Ethereum MEV bot Jaredfromsubway.eth; Philippine SEC says it is ready to accept tokenized real-world assets.
An attacker drained more than $7.5 million from Ethereum MEV bot Jaredfromsubway.eth on Saturday by deploying contracts that manipulated the bot’s automated approval process. The malicious contracts prompted the bot to grant token approvals that the attacker used to move assets out of the bot’s control.
Blockaid chief technology officer Raz Niv described the incident as a ‘counter-MEV honeypot attack’, noting the operation targeted the bot’s automated decision logic and was planned over several weeks.
MEV bots monitor the mempool of pending transactions and submit their own transactions to be included in blocks in an order that can generate profit. One MEV technique called a sandwich attack places transactions before and after a target trade to profit from price moves. Research shows sandwich attacks have caused roughly $60 million in trader losses per year. Between November 2024 and October 2025, analysts recorded 60,000 to 90,000 sandwich attacks per month, with about 70% linked to Jaredfromsubway.eth.
Jaredfromsubway.eth has been one of the most active MEV operators on Ethereum and has previously generated hundreds of millions of dollars in profit. The recent exploit is an unusual loss for the bot.
At Philippine Blockchain Week 2026, Securities and Exchange Commission Commissioner Rogelio Quevedo told attendees the agency is ‘now fully convinced that we have the proper law [and] the proper regulatory mind and background’ to accept tokenization of real-world assets. He said tokenized investment products could offer overseas Filipino workers more legitimate places to invest.
Quevedo added that the SEC is using artificial intelligence to pursue illegal offerings and is coordinating with online platforms to remove unregistered investment promotions.
Tokenization converts ownership rights in physical or financial assets into digital tokens on a blockchain, enabling fractional ownership and faster settlement. Regulators weighing tokenization consider consumer protection, market integrity and the need for clear legal frameworks to govern tokenized securities.
Security specialists noted the exploit illustrates risks that can arise when smart contracts interact with automated trading tools.
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