The Uniswap user who created the liquidity pool lost more than $700,000 in a few seconds after an influx of MEV bots, which probably occurred due to a configuration error. This is evidenced by on-chain data.
Apparently, the pool owner mixed up the values and set the price at $1 for the CRV token (at the time of writing, it is trading at $0.53).
After adding liquidity in the form of 45 "wrapped" bitcoins (wBTC) worth about $1.56 million, arbitrage bots almost instantly bought back the coins. In return, the user received only 1.56 million CRVS, which cost approximately $850,000.
"MEV bots instantly rushed into the pool to exchange CRVS for valuable wBTC: the first one escaped with $1.36 million in wBTC, exchanging them for just $730,000 in CRV. But the bot only earned about $260, as it paid the validator $527,000 in ETH. Lucky as a drowned man!", - emphasized Arkham analysts.
Such incidents are not uncommon recently. On October 11, an unknown user exchanged $131,350 in the unlinked USDR stablecoin for less than 0.0001 USDC.
Recall that on the same day, another MEV bot on BNB Chain earned $1.575 million thanks to an attack that cost only $4.16.
Apparently, the pool owner mixed up the values and set the price at $1 for the CRV token (at the time of writing, it is trading at $0.53).
After adding liquidity in the form of 45 "wrapped" bitcoins (wBTC) worth about $1.56 million, arbitrage bots almost instantly bought back the coins. In return, the user received only 1.56 million CRVS, which cost approximately $850,000.
"MEV bots instantly rushed into the pool to exchange CRVS for valuable wBTC: the first one escaped with $1.36 million in wBTC, exchanging them for just $730,000 in CRV. But the bot only earned about $260, as it paid the validator $527,000 in ETH. Lucky as a drowned man!", - emphasized Arkham analysts.
Such incidents are not uncommon recently. On October 11, an unknown user exchanged $131,350 in the unlinked USDR stablecoin for less than 0.0001 USDC.
Recall that on the same day, another MEV bot on BNB Chain earned $1.575 million thanks to an attack that cost only $4.16.
