A Uniswap V3 user who appears to have mistaken one token for another when creating a liquidity pool lost more than $700,000 in 12 seconds this morning on a MEV-related trade.
It appears that the user mistook the value of the Curve DAO token (CRV) for USD added $1.56 million worth of wrapped BTC in the liquidity pool. The user received However, this was offset by 1.56 million CRV, which was only worth about $850,000 at the time.
MEV bots quickly rushed in to exploit the arbitrage, although the most successful only netted a total profit of around $260 after paying $527,000 in bribes to validators to ‘get ahead’ of other bots and complete the transaction first to get. according to blockchain analytics firm Arkham. “Bad luck,” Arkham’s post added.
Transaction errors, often called “fat finger” errors, are not uncommon in crypto. Last month, a user traded what was over $130,000 in one stablecoin, USDR, for $0 in another stablecoin, USDC.
