KOGE Token Faces $5.18 Million MEV Attack Amid Binance Alpha Wash Trading Scandal

COINOTAG News reports that on June 8th, an on-chain analyst identified suspicious trading activity on the Binance Alpha platform involving the KOGE/USDT pair. The user executed a series of wash trades, each valued at approximately $47,000. Notably, the address 0x927…51721 engaged in a MEV (Miner Extractable Value) attack, spending 47,000 USDT to acquire a negligible 0.009 KOGE tokens. This transaction implied an exorbitant price of over $5 million per KOGE, highlighting the risks associated with disabling MEV protection. Market participants are advised to maintain MEV safeguards to mitigate potential exploitations and preserve trading integrity within decentralized finance ecosystems.