A Costly Mistake: User Sells Curve LP Token for $2 Million but only Receives 0.05 USDT.
On March 13, a user mistakenly sold the Curve LP token 3CRV with a value of more than US $2 million and only got 0.05 USDT. DEX aggregator KyberSwap published the investigation results of this event. KyberSwap said that when the user sold, only the route of 0x was successful, so KyberSwap chose the transaction path provided by 0x, which pointed to a pool with almost no liquidity, but the user did not seem to notice the reminder of the actual value of tokens obtained through the transaction and continued to trade, resulting in losses.
KyberSwap: has contacted Coinbase and others to try to recover the funds lost by the previous mis-selling of 3CRV users
Analysis based on this information:
The world of decentralized finance (DeFi) presents a paradigm shift in the way financial transactions take place. While DeFi offers many opportunities for individuals to earn passive income and increase their profits, it also opens the door to increased risks as users navigate the complex world of trading. An event that occurred on March 13 demonstrates how easily an innocent mistake can turn into a multi-million dollar loss.
A user mistakenly sold their Curve LP token 3CRV, with a value of over $2 million, on DEX aggregator KyberSwap, and received only 0.05 USDT. KyberSwap subsequently published the investigation results of the event. According to KyberSwap, when the user sold their token, only the 0x route was successful, and KyberSwap chose this transaction path, which led to a pool with almost no liquidity. The user did not seem to notice the reminder of the actual value of tokens obtained through the transaction and continued with the trade, incurring significant losses.
The lack of liquidity in the pool led to the user being unable to sell their tokens at the expected value, resulting in an enormous loss. The incident highlights the importance of understanding the risks associated with DeFi trading, especially as the market rapidly evolves. It also exemplifies the importance of adequate research and caution when engaging in any form of cryptocurrency and DeFi trading.
While DeFi offers many benefits such as transparency, security, accessibility, and autonomy, it also exposes users to potential risks such as market volatility, technical errors, and scams. This cautionary tale presents an opportunity for individuals to take stock of their cryptocurrency trading habits and the measures they take to mitigate such risks.
In conclusion, the DeFi market offers many benefits for those looking to expand their wealth and become part of a community that seeks to disrupt traditional finance. However, the story of the user who lost over $2 million due to a single error in trading stresses the importance of maintaining caution and researching before executing any financial transactions in the DeFi market.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/7653/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Thirdweb: A Game-Changer for Web3 Development
On March 31st, the Web3 developer platform Thirdweb was launched as a mobile development kit (SDK) for building Web3 applications on iOS and Android. Thirdweb has fixed the user ex
-
The Importance of IMF’s CBDC Manual in Meeting the Demands of Central Banks
According to reports, the International Monetary Fund (IMF) is facing a strong demand for guidance from the Central Bank\’s Digital Currency (CBDC) due to an unprecedented level of
-
Ethereum’s ETH Destruction and Its Leading Destroyers
According to reports, according to Ultrasound data, up to now, a total of 2992206.89 ETHs have been destroyed by Ethereum. Among them, OpenSea destroyed 230050.33 ETHs, ETHtransfers destroyed 263666.61 ETHs, and Uniswap V2 destroyed 150916.41 ETHs. The Ethereum network has destroyed nearly 3 million ETHs Analysis based on this information:Ethereum is known for its complex infrastructure that allows developers to create decentralized applications (dApps) and smart contracts. However, it also has a feature that some might consider paradoxical: the ability to destroy its native currency ETH. According to recent reports, Ethereum has destroyed a total of 2992206.89 ETHs up to this point, which is a considerable amount of cryptocurrency considering that currently (as of August 2021), one ETH is worth around $3,000. Why would Ethereum destroy its own currency, you may ask? The answer is that when users utilize Ethereum’s network to make transactions or execute smart contracts, they have to pay a fee in ETH. This fee, called gas,…
-
Dune Analytics Clarifies Rumors Regarding Airdrop and Token Issuance
On March 8, Dune Analytics, the blockchain analysis platform, clarified the rumors about its airdrop on its social platform, and made it clear that Dune Analyt…
-
BinaryX’s CyberDragon: BossRaid Update Brings Cooperative Play and BNX Consumption
According to the news on February 24, the game update CyberDragon: BossRaid will be officially released at 20:00 today by BinaryX, the meta-universe chain game…
-
What Coins Can S9 Mining Machine Dig (Interpretation of S9 Mining Machine Parameters)
<img src='https://img.doulai.com/pic/enpic.php?k=What coins can the s9 mining machine dig? Imgalt=What coins can the s9 mining machine dig? Images} What coins can the s9 mining machine dig? The difficulty of digging Bitcoin is directly proportional to the price. What coins can the s9 mining machine dig? How does the computing power and power consumption of the S9 mining machine affect mining efficiency? S9 is also known as the “Ant S9” mining machine series in China. It adopts new heat dissipation technology, unique air cooling design, and advanced cooling technology to reduce power costs After optimization through the latest algorithm and chipset (such as CPU), we found that s9 mining machine can effectively mine Cryptocurrency in a very short time. This means that its energy efficiency will correspondingly decrease over time So what coins can S9 mining machines mine? At present, many people have speculated that the token s9 was dug up based on the Bitcoin network, but in fact, not all…
-
Armanino’s Former Digital Asset Business Member Establishes The Network Firm
On March 1, the former digital asset business member of Armano, an accounting firm, established the new company The Network Firm, which is engaged in providing…
-
What does Bitcoin ERC20 mean (Bitcoin second generation BTCS)?
What does Bitcoin ERC20 mean? According to bitcoinist, what does Bitcoin ERC20
-
Ethereum Layer2 Lockup Volume Reaches $8.95 Billion
According to reports, L2BEAT data shows that up to now, the total lockup volume on Ethereum Layer2 is $8.95 billion, up 29.39% in the past 7 days. Among them, the largest lockup vo
-
Large Transfer of MKRs from Paradigm to Coin An
According to reports, according to encrypted Twitter KOL ember monitoring, 48179 MKRs were transferred from the address marked Paradigm to Coin An, valued at approximately $36.13 million. The address marked as Paradigm transferred nearly 50000 MKRs to Coin An Analysis based on this information:The recent reports suggest that a large transfer of MKRs has been initiated from the address labeled Paradigm to Coin An. As per sources, 48179 MKRs were transferred in a single transaction, which is valued at approximately $36.13 million. It is important to note that this information was retrieved through encrypted Twitter KOL Ember monitoring. MKR is the abbreviation for MakerDAO, a decentralized autonomous organization with the goal to create a stable cryptocurrency linked to real-world assets. MKR tokens are required for governance and decision-making processes in the MakerDAO system. MakerDAO has been steadily gaining popularity and has become a significant player in the DeFi (Decentralized Finance) market. Paradigm is a well-known private cryptocurrency investment firm that…
-
The Ultimate Guide to Arbitrum Token (ARB) Air Drop Claims
On March 23, it was announced that the Arbitrum token ARB had officially opened for air drop claims. According to the Arbitrum document, the token ARB is open for air drop and clai
-
Shibarium Launches PUPPYNET Blockchain Solution for Early Public Beta
On March 12, Shibarium’s early public beta (Early Public Beta) PUPPYNET, the Layer 2 blockchain solution, has been launched. Shiba Inu two-layer solution Shibarium’s early beta public beta has been launched Analysis based on this information:Shibarium, an emerging blockchain project, recently launched its early public beta blockchain solution called PUPPYNET on March 12. PUPPYNET is a layer 2 blockchain solution that aims to provide a more efficient and cost-effective alternative to traditional blockchain platforms, such as Ethereum. Layer 2 refers to a second layer of protocols or solutions built on top of the existing blockchain network. In the case of PUPPYNET, it is built on top of the Ethereum network, which serves as its underlying layer. PUPPYNET utilizes plasma technology, which enables faster transaction processing and scalability while reducing the cost of gas fees associated with traditional blockchain networks. Shibarium’s PUPPYNET beta launch is an important milestone for the project as they move towards a more developed, functional ecosystem. The…
-
Whale Alert Reveals a Large USDC Transfer from USDC Treasury to Unknown Wallets
According to reports, Whale Alert data showed that at 21:53:47 Beijing time on February 23, 50000000 USDCs were transferred from USDC Treasury to unknown walle…
-
Singapore Monetary Authority prepared to provide liquidity for Credit Suisse incident
According to reports, the Singapore Monetary Authority has stated that it is prepared to provide liquidity to ensure stability, and Credit Suisse customers will continue to have full access rights. The domestic financial system will continue to be closely monitored, and UBS’s main business in Singapore is not retail. The Credit Suisse incident will not affect the stability of Singapore’s banking industry. Currently, Credit Suisse continues to operate continuously in Singapore. During the takeover process, close contact will be maintained with the Swiss Financial Market Supervision Authority, Credit Suisse and UBS. Monetary Authority of Singapore: Ready to provide liquidity to ensure stability, Credit Suisse clients will continue to have full access rights Analysis based on this information:The recent Credit Suisse incident has caused concern among the public and market participants. The Singapore Monetary Authority has issued a statement indicating its preparedness to take action to ensure stability in the financial system. The authority is willing to provide liquidity to Credit…
-
Darwinia Network Seeks Grant for Innovative Solidity Verifier
On February 24, the Darwinia Network tweeted that the team was currently applying for a new grant from the Web3 Foundation to deploy the solidity verifier of t…
-
Galaxy Digital Collaborates with DWS to Develop Trading Platform
On April 26th, Galaxy Digital, a financial services company specializing in cryptocurrencies, announced that it will collaborate with DWS to develop a trading platform trading prod