Why the DOJ Doesn’t Want These MEV Exploiters to Get Away With It - Ep. 647

Unchained

Laura Shin

News, Tech News, Business News

4.5 • 1.3K Ratings

🗓️ 17 May 2024

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, Evan Zinaman, founder and principal at Trailbreak, delves into the first-of-its-kind case of the Bueno brothers, who face Department of Justice charges for exploiting Maximal Extractable Value (MEV) in a cryptocurrency scheme. Accused of manipulating transaction ordering to create an arbitrage opportunity, the brothers are charged with conspiracy to commit wire fraud as well as wire fraud itself. Zinaman explores the broader implications of MEV exploitation, addresses critics who say that the MEV exploiters just got a taste of their own medicine, and the need for block building participants to consider their legal and compliance responsibilities. Show highlights: What the charges against the Bueno brothers are about How block building works on Ethereum and how the relay was manipulated by the Bueno brothers The different types of MEV and which ones are acceptable Why these charges could be seen as a "vanilla fraud," according to Evan Whether the benefits of MEV outweigh the cons of it The lack of terms of service in the MEV space How the regulators' attention to the space has changed over time Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com First Bits + Bips episode: Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle? Thank you to our sponsors! iTrustCapital Polkadot VaultCraft Guest Evan Zinaman, Founder & Principal at Trailbreak Where the Rubber Meets the Road: A MEV-Aware, Functionalist Review of OFAC Risk "on the Base Layer" Links Previous coverage on Unchained of MEV: Why MEV Will Always Be Controversial The Chopping Block: Why the Once-Taboo MEV Is Now a Core Part of Ethereum The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not The Chopping Block: ‘Code Is Law’ Is ‘Obviously Not How Anything Works Ever’ The Case: Unchained: DOJ Alleges Two Brothers Stole $25 Million From MEV Bots Last Year Research: Blockchain Transaction Ordering as Market Manipulation by Mikolaj et al Learn more: What Are Sandwich Attacks in Crypto? A Beginner's Guide What Is MEV in Crypto? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You know, I don't think it's as simple as saying all sandwiching is like toxic and, you know,
0:07.6	crypto would be better. You know, if sandwiching was made illegal by the governments or something.
0:12.8	Hi everyone, welcome to Unchained, your no-high resource for all things crypto.
0:20.8	I'm your host Laura Shin, author of the cryptopians. I started coming
0:25.1	crypto nine years ago and as the senior editor Forbes was the first mainstream
0:28.9	reporter to cover cryptocrine soup full time. This is the May 17th
0:32.4	2024 episode of Unchained.
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