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Can someone explain how you can take out a ~$150m flash loan? (Did he post $300m collateral?) Did he only need 3 ETH for that or were the ETH only used for the
by bix6 4y ago
Can someone explain how you can take out a ~$150m flash loan? (Did he post $300m collateral?) Did he only need 3 ETH for that or were the ETH only used for the transaction fees?
- colinmhayes 4y agoSo flash loans must be repaid before the next block is mined, so you don't need to post any collateral, just the interest. If the loan isn't repaid in time it automatically unwinds and you lose the interest payment.
- bix6 4y agoThank you
- yobananaboy 4y agoThe 3 ETH was the gas fees for the transactions. (Some went to deploying the attacking contract, some went to contract interactions afterwards.) With a flash loan, the funds must be returned by the end of the transaction, or the transaction fails. This makes the completion of the transaction the collateral, as if it fails at any point, all transactions (including the loan) get reverted.
- bix6 4y agoThank you