The worst mistake of his life? This Uniswap v3 investor lost the equivalent of $700,000 in cryptocurrencies in just 12 seconds. What had really happened? A “Fat Finger” error, observers judge. Details !
He confused a token and lost thousands of dollars in cryptos
By carelessness, some crypto investors and businesses are losing a lot of money. We experienced the mistake of the Crypto.com employee who paid $7.2 million as a refund to a user instead of $70.
Last September, Paxos also seized excess bitcoin transaction fees, causing it losses of nearly 20 BTC, or $509,000 at the time.
“ Someone just lost $700,000 in 12 seconds thanks to MEV Bots.
0x568 is a big LP that entered the wrong values when creating a new WBTC-CRV pool on Uniswap v3 – and which ended up adding $1.5 million in liquidity well above the fair market price. »
“ MEV Bots instantly flocked to the pool to exchange CRV for valuable WBTC – the first bot grabbed $1.36 million in WBTC for just $730,000 in CRV.
But the bot only made $260, paying $527K in ETH to the validator just to make this transaction.
No chance ! »
These descriptions from Arkham, a blockchain analysis company, seem comprehensive. But a quick look at The Block told us other details about the manipulated cryptocurrencies.
Actually, the victim had confused the value of the Curve DAO (CRV) token with USD when adding the 1.56 million Wrapped Bitcoin to the liquidity pool. Which earned him 1.56 million CRV, or $850,000 at the time of the transaction.
Do the subtraction and you will have the $700,000 in crypto lost for just 12 seconds.
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