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Ethereum prospered the inception of a plethora of smart contractapplications, ranging from gambling games to decentralized finance. However,Ethereum is also considered a highly adversarial environment, where vulnerablesmart contracts will eventually be exploited. Recently, Ethereum's pool ofpending transaction has become a far more aggressive environment. In the hopeof making some profit, attackers continuously monitor the transaction pool andtry to frontrun their victims' transactions by either displacing or suppressingthem, or strategically inserting their transactions. This paper aims to shedsome light into what is known as a dark forest and uncover these predators'actions. We present a methodology to efficiently measure the three types offrontrunning: displacement, insertion, and suppression. We perform alarge-scale analysis on more than 11M blocks and identify almost 200K attackswith an accumulated profit of 18.41M USD for the attackers, providing evidencethat frontrunning is both, lucrative and a prevalent issue.

Frontrunner Jones and the Raiders of the Dark Forest: An Empirical Study of Frontrunning on the Ethereum Blockchain