USDC investor shells out $2M to receive $0.05 USDT trying to evade crash | Hacker News Reader

USDC investor shells out $2M to receive $0.05 USDT trying to evade crash

cointelegraph.com

34 pointsbelltaco19 comments

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I love how they justify that the low return was "clearly" displayed.

Check the repro out, and you tell me if this was "clear".

I have more confirmations rebooting my computer!

https://twitter.com/KyberNetwork/status/1634524643972481025?...

[spoiler alert?]

I'm not sure that I understand.

The video shows a small windows that say that they will receive <big>7203.45</big> but the output is an estimate, but the transaction will be canceled if they actually get less than <small>7.168<small>

Is this correct?

The punctuation may be confusing you. 7203.45 the current exchange rate. The slippage was set to 0.5% so the executed trade will give you between 7167.43 and 7239.47.

The big and small is 5899460 shown on the left and 7203.5 being shown in the modal.

I confused a small coma in 7,168 with a small point 7.168.

Let me try again ...

* The user tried to make an exchange to get an estimated of 5,899,460

* A modal window appeared with the estimated 5,899,460

* The system got an updated estimated and changed it to 7203.45

* The user clicked "Confirm"

Yes, that's correct except confirm wasn't clicked in this video.

I'm not actually sure to be honest. It didn't seem clear to me anyway.

Their UI update to solve this is quite mediocre - doesn’t show what the original price was nor the difference, just that there /is/ a difference. Crypto UIs are incredibly bad.

https://twitter.com/KyberNetwork/status/1634551349991063553?...

Here is their wallet https://debank.com/profile/0x8ff006ecdd4867f9670e8d724243f7e...

You can see the trade there, and they still have at least $2 million to gamble with in the crypto casino.

Can anyone ELI5 this? I don't get it.

He put his $2 million up for sale, but he configured it wrong so it got bought for 5 cents. Someone else now has the $2 million.

(wouldn't be surprised if it was an inside job from kyberswap.)

Imagine the absolute glee of the purchaser.

I’m guessing it was automatically bought by someone looking for these errors?

Not precisely: The user initiated the swapping transaction (as opposed to putting up an order which got matched later). The MEV bot making profit happened separately post-settlement.

"ELI5"

Steve has 1/20th of an apple and a nickle. Steve doesn't know that an apple should be worth $1.

Tom asks Steve how much Steve would pay for 2 million apples.

Steve says he would pay a nickle.

Tom despite knowing 2 million apples is worth 2 million dollars agrees to sell 2 million apples for a nickle.

Since Steve is broke he is willing to sell those 2 million apples for $1.45.

Allice is a bargain hunter and looks out for any good deals. She sees Steve offering $2 million worth of apples for $1.45 and gets first in line to make the deal.

In order to make sure she is first in line she pays $30k to the security guard who is managing the line.

TLDR: He was so desperate to get rid of his tokens that he neglected setting a slippage parameter on his transaction. Therefore, he basically got frontrun and got pennies on the dollar for his inital tokens

Pennies on the million.

No, the real issue is that the person accepted a trade at an extremely bad exchange rate.

The bot didn't front run. It's the opposite. His trade made 3Crv EXTREMELY cheap in that pool. The bot simply bought that cheap 3Crv before anyone else.

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