In the world of cryptocurrencies, the public listing of a new token often generates significant hype. In many cases, the price of the token skyrockets in a few seconds, and timing is crucial to determine the success or failure of an investment opportunity. In this work, we present an in-depth analysis of sniper bots, automated tools designed to buy tokens as soon as they are listed on the market. We leverage GitHub open-source repositories of sniper bots to analyze their features and how they are implemented. Then, we build a dataset of Ethereum and BNB Smart Chain (BSC) liquidity pools to identify operations performed using sniper bots. Our findings reveal 352,413 sniping operations on Ethereum and 1,716,917 on BSC for a total turnaround of $155,630,184 and $137,548,859, respectively. We find that Ethereum operations have a higher success rate but require a larger investment. Finally, we analyze possible countermeasures and mechanisms used in token smart contracts that can reduce the negative impact of sniper bots.

The Blockchain Warfare: Investigating the Ecosystem of Sniper Bots on Ethereum and BNB Smart Chain / Cernera, Federico; La Morgia, Massimo; Mei, Alessandro; Mongardini, Alberto; Sassi, Francesco. - In: ACM TRANSACTIONS ON INTERNET TECHNOLOGY. - ISSN 1533-5399. - (2025). [10.1145/3736763]

The Blockchain Warfare: Investigating the Ecosystem of Sniper Bots on Ethereum and BNB Smart Chain

Cernera, Federico;La Morgia, Massimo;Mei, Alessandro;Mongardini, Alberto;Sassi, Francesco
2025

Abstract

In the world of cryptocurrencies, the public listing of a new token often generates significant hype. In many cases, the price of the token skyrockets in a few seconds, and timing is crucial to determine the success or failure of an investment opportunity. In this work, we present an in-depth analysis of sniper bots, automated tools designed to buy tokens as soon as they are listed on the market. We leverage GitHub open-source repositories of sniper bots to analyze their features and how they are implemented. Then, we build a dataset of Ethereum and BNB Smart Chain (BSC) liquidity pools to identify operations performed using sniper bots. Our findings reveal 352,413 sniping operations on Ethereum and 1,716,917 on BSC for a total turnaround of $155,630,184 and $137,548,859, respectively. We find that Ethereum operations have a higher success rate but require a larger investment. Finally, we analyze possible countermeasures and mechanisms used in token smart contracts that can reduce the negative impact of sniper bots.
2025
Sniper bot, Ethereum, BNB Smart Chain, Cryptocurrencies, Smart Contract, Market manipulation.
01 Pubblicazione su rivista::01a Articolo in rivista
The Blockchain Warfare: Investigating the Ecosystem of Sniper Bots on Ethereum and BNB Smart Chain / Cernera, Federico; La Morgia, Massimo; Mei, Alessandro; Mongardini, Alberto; Sassi, Francesco. - In: ACM TRANSACTIONS ON INTERNET TECHNOLOGY. - ISSN 1533-5399. - (2025). [10.1145/3736763]
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11573/1741964
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