One of Ethereum’s most notorious trading bots just got beaten at its own game. Jaredfromsubway.eth, a crypto trading bot long associated with front-running on-chain DeFi trades and a name that references disgraced former Subway spokesperson Jared Fogle, was lured into a trap and drained of roughly $7.5 million in crypto.

On Ethereum and similar crypto networks, MEV stands for maximal extractable value (originally known as miner extractable value). In simple terms, it refers to the extra profit that can be made by controlling how transactions are ordered inside a block on a particular blockchain. Basically, whoever assembles a block on a crypto network sits in a privileged position and can profit from seeing user…