How sniping bots stole $2M
How can a bot steal millions of dollars in tokens and liquidity from a project listing in plain site, over and over again? A projects takes half a year preparing for a listing on an AMM, the community gets excited, anticipation builds. Then on the day of the listing, sniping bots get into Block 0 and then dump their tokens on the community, crashing both the price and the community’s trust in the team.
It happens all over DeFi. Just look at this case of:
«will skip the 111PG protection, we don’t need it»
VLaunch ran a listing of their VPAD token (without using 111PG’s protection). That decision cost them 2,000,000 tokens with $2,000,000 lost to sniping bots. Ouch.
For those who like to investigate on the blockchain, here are the details.
The sniper bought tokens here:
Then sold token to the community:
The sniper got richer, the community bought into a crashing price. Not good for Vlaunch. Not good for DeFi.
But there’s a twist: The deployer of the sniping bot that sank VPAD’s launch is an experienced one, having attacked a number of token listings before. One of those listings was Kattana. Yes, the same Kattana that is part of the Dexe.network ecosystem with us.
The difference was, Kattana used 111PG’s protection for their launch and had a very smooth listing with natural price discovery and a very happy community. This was followed by a number of other happy communities whose listing we protected with great success.
Here are a couple more sniping examples for the blockchain detectives out there.
Sniper bought tokens here:
Then sold tokens to the community: https://etherscan.io/token/0xa1a36d3537bbe375cc9694795f663ddc8d516db9?a=0x484a83abd67b9af078d964c64aa8f517da74b9cd
Dumped on the community here:
Sadly, the market is full of sniping bots and so projects keep getting their projects derailed at great financial and community goodwill costs. Unless, of course, they turn to 111PG for protection.
With 111PG, projects put their right foot forward by having a fair listing, with all of their intended liquidity intact, and price discovery following a natural path.
And snipe protection is only part of what 111PG is offering. If your project could use 111PG’s service, email us at firstname.lastname@example.org or use the typeform on 111pg.io