2023-10-10 07:01:01
OKX is one of the better-known crypto exchanges in the world, which makes it into the news every month due to changes of one kind or another. For example, new services such as the use of trading robots or signals were recently introduced, but BRC-20 staking was also made available. Recently, the crypto exchange announced on its website that they provide a new tool to prevent MEV-type attacks. MEV-type attacks are not really attacks. During an MEV-type attack, an attacker with malicious intent monitors the mempool of the given blockchain. When it finds a high-value transaction, it quickly performs a swap in front of the user and pays a higher gas fee so that its purchase transaction is uploaded to the chain before the user’s. Your high-value purchase transaction raises the price of the token, causing the victim to pay more for their own transaction. As soon as the victim buys his tokens, the attacker sells his own, pocketing the price difference as profit. There are several ways to prevent this type of attack. According to a recent announcement by OKX, they will now use Flashbot to fight the sly attackers. When we perform an OKX Dex swap transaction on Ethereum and click on the button labeled MEV Protection, we can decide whether to turn on MEV protection or not. If so, the OKX wallet sends the transactions to the node of a trusted third party (like Flashbot’s private pool) instead of normal transaction pools. In this way, the order of the transactions will not change, so it is no longer possible to profit from the transactions with an MEV attack.
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