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What Is the Main Security Risk Introduced by Using a Private Transaction Relay?

The main security risk is the centralization of power and trust in the relay operator. The operator has full knowledge of all pending profitable transactions and could potentially front-run or censor them.

Furthermore, if a single relay becomes dominant, it introduces a single point of failure and potential regulatory pressure for censorship.

How Does Front-Running Relate to MEV and Fair Transaction Ordering?
What Are the Risks Associated with Relying on a Single Oracle?
How Do Services like Flashbots Protect Work?
Why Is a Single, Centralized Oracle a Potential Point of Failure?