A Uniswap V3 user who appears to have mistaken one token for another in creating a liquidity pool lost over $700,000 in 12 seconds to an MEV-related transaction this morning.
It seems the user mistook the value of the Curve DAO token (CRV) for USD when they added $1.56 million worth of wrapped BTC to the liquidity pool. The user received 1.56 million CRV in return, however, which was only worth around $850,000 at the time.
MEV bots quickly rushed in to exploit the arbitrage, though the most successful only netted a total profit of around $260 after paying a $527,000 bribe to validators in order to 'frontrun' other bots and get its transaction through first, according to blockchain analytics firm Arkham. "Tough luck," Arkham's post added.
Mistakes in transactions, often referred to as "fat finger" errors, are not uncommon in crypto. Last month, a user swapped what had been over $130,000 in one stablecoin, USDR, for $0 worth of another stablecoin, USDC.
source:theblock
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Tue, 18 Apr 2023