4 ms·

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

• 5350-uiop-1130 4y ago
  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.)
  • pksebben 4y ago
    Imagine the absolute glee of the purchaser.
    • Waterluvian 4y ago
      I’m guessing it was automatically bought by someone looking for these errors?
  • 3np 4y ago
    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.
    • deleted 4y ago
      [deleted]
    • 5350-uiop-1130 4y ago
      "ELI5"
      • charcircuit 4y ago
        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.
• omar_khaled 4y ago
  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
  • rwaksmunski 4y ago
    Pennies on the million.
  • charcircuit 4y ago
    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.