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A Uniswap User Lost $700,000 to an MEV Bot — But it Only Made $260
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A Uniswap User Lost $700,000 to an MEV Bot — But it Only Made $260

A Uniswap V3 user who appears to have misidentified one token for another when forming a liquidity pool lost approximately $700,000 in 12 seconds to a MEV-related transaction. 

When the user added $1.56 million worth of wrapped BTC to the liquidity pool, it appears that they confused the value of the Curve DAO token (CRV) for USD. However, the user received 1.56 million CRV in return, which was only worth about $850,000 at the time.

Read Also: Ethereum Whale Withdraws 8,698 ETH From Binance, Here’s Reason

MEV bots raced in to take advantage of the arbitrage, albeit the most successful only made only $260 after paying a $527,000 bribe to validators to ‘frontrun’ other bots and get its transaction through first, according to blockchain analytics firm Arkham. “Tough luck,” Arkham wrote in his post. 

 

Transaction errors, often known as “fat finger” errors, are not uncommon in crypto. Last month, a user exchanged nearly $130,000 in one stablecoin, USDR, for $0 in another stablecoin, USDC.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.