{"id":81218,"date":"2023-11-06T09:24:49","date_gmt":"2023-11-06T14:24:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/700000-lost-to-mev-bot\/"},"modified":"2023-11-06T09:24:54","modified_gmt":"2023-11-06T14:24:54","slug":"700000-lost-to-mev-bot","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=81218","title":{"rendered":"$700,000 Lost to MEV Bot"},"content":{"rendered":"<div>\n<figure id=\"attachment_127556\" aria-describedby=\"caption-attachment-127556\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-127556\" class=\"wp-caption-text\">Uniswap. Source: Adobe \/ vladim_ka<\/figcaption><\/figure>\n<p>A trader using the decentralized exchange (DEX) Uniswap V3 lost over $700,000 after he entered wrong values while creating a new liquidity pool.<\/p>\n<p>According to an X post from on-chain analytics firm Arkham, the user added a total of $1.5 million of liquidity in the WBTC-CRV pool he created on Uniswap V3 at a price that was highly inflated compared to the actual market price at the time.<\/p>\n<p>After only 12 seconds, so-called Maximal Extractable Value (MEV) bots took advantage of the mispricing to swap CRV tokens for much more valuable WBTC tokens.<\/p>\n<p>CRV is the governance token of the Curve decentralized finance (DeFi) protocol, while WBTC (Wrapped Bitcoin) is an ERC-20 token that represents Bitcoin on the Ethereum blockchain.\n<\/p>\n<h2>Only $260 in profit<\/h2>\n<p>\nInterestingly, the MEV bot that was most successful at arbitraging the mispricing only managed to profit around $260 after having to pay some $527,000 worth of Ether as a firm of bribe to validators to get ahead of other bots.<\/p>\n<p>The incident was likely due to a so-called \u201cfat finger\u201d while entering a trade, or as in this case, setting up a new liquidity pool.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">MEV Bots instantly rushed the pool to swap CRV for valuable WBTC \u2013 with the first bot making off with $1.36M in WBTC for only $730K in CRV.<\/p>\n<p>But the bot only netted ~$260, paying $527K of ETH to the validator just to make this transaction.<\/p>\n<p>Tough luck! <a rel=\"nofollow\" href=\"https:\/\/t.co\/3JbVwhwYoj\">pic.twitter.com\/3JbVwhwYoj<\/a><\/p>\n<p>\u2014 Arkham (@ArkhamIntel) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/ArkhamIntel\/status\/1720798847763394848?ref_src=twsrc%5Etfw\">November 4, 2023<\/a><\/p>\n<\/blockquote>\n<p>One plausible explanation that has emerged is that the user mistook the CRV token for USD while adding $1.56 million worth of WBTC to the pool. The user in return received 1.56 million CRV tokens, which in US dollar terms has a current value of only around $900,000.<\/p>\n<figure id=\"attachment_127560\" aria-describedby=\"caption-attachment-127560\" style=\"width: 1978px\" class=\"wp-caption alignnone\"><figcaption id=\"caption-attachment-127560\" class=\"wp-caption-text\">1.56 million CRV tokens received in exchange for $1.56 million worth of WBTC. Source: Etherscan<\/figcaption><\/figure>\n<h2>What are MEV bots?<\/h2>\n<p>\nUntil recently relatively unknown, Maximal Extractable Value (MEV) bots have now become an important part of the DeFi ecosystem on the Ethereum network.<\/p>\n<p>The bots are designed to quickly identify and exploit profit opportunities on decentralized exchanges, but they have also been associated with what some would call scams and ethically questionable practices.<\/p>\n<p>Sometimes also referred to as Miner Extractable Value, the bots profit by getting miners (or network validators) to reorder or censor specific transactions within blocks on the blockchain.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/uniswap-v3-users-costly-liquidity-pool-error-700000-lost-to-mev-bot.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Uniswap. Source: Adobe \/ vladim_ka A trader using the decentralized exchange (DEX) Uniswap V3 lost over $700,000 after he entered wrong values while creating a new liquidity pool. According to an X post from on-chain analytics firm Arkham, the user added a total of $1.5 million of liquidity in the WBTC-CRV pool he created on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":81219,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-81218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>$700,000 Lost to MEV Bot | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Uniswap. Source: Adobe \/ vladim_ka A trader using the decentralized exchange (DEX) Uniswap V3 lost over $700,000 after he entered wrong values while\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=81218\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$700,000 Lost to MEV Bot | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Uniswap. Source: Adobe \/ vladim_ka A trader using the decentralized exchange (DEX) Uniswap V3 lost over $700,000 after he entered wrong values while\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=81218\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-06T14:24:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-06T14:24:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/1699278995-uniswap-logo.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=81218#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=81218\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"$700,000 Lost to MEV Bot\",\"datePublished\":\"2023-11-06T14:24:49+00:00\",\"dateModified\":\"2023-11-06T14:24:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=81218\"},\"wordCount\":410,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Crypto\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=81218#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=81218\",\"url\":\"https:\/\/ifintechworld.com\/?p=81218\",\"name\":\"$700,000 Lost to MEV Bot | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-11-06T14:24:49+00:00\",\"dateModified\":\"2023-11-06T14:24:54+00:00\",\"description\":\"Uniswap. Source: Adobe \/ vladim_ka A trader using the decentralized exchange (DEX) Uniswap V3 lost over $700,000 after he entered wrong values while\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=81218#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=81218\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=81218#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"$700,000 Lost to MEV Bot\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"$700,000 Lost to MEV Bot | iFintechWorld","description":"Uniswap. Source: Adobe \/ vladim_ka A trader using the decentralized exchange (DEX) Uniswap V3 lost over $700,000 after he entered wrong values while","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=81218","og_locale":"en_US","og_type":"article","og_title":"$700,000 Lost to MEV Bot | iFintechWorld","og_description":"Uniswap. Source: Adobe \/ vladim_ka A trader using the decentralized exchange (DEX) Uniswap V3 lost over $700,000 after he entered wrong values while","og_url":"https:\/\/ifintechworld.com\/?p=81218","og_site_name":"iFintechWorld","article_published_time":"2023-11-06T14:24:49+00:00","article_modified_time":"2023-11-06T14:24:54+00:00","og_image":[{"width":1280,"height":853,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/1699278995-uniswap-logo.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=81218#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=81218"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"$700,000 Lost to MEV Bot","datePublished":"2023-11-06T14:24:49+00:00","dateModified":"2023-11-06T14:24:54+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=81218"},"wordCount":410,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Crypto"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=81218#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=81218","url":"https:\/\/ifintechworld.com\/?p=81218","name":"$700,000 Lost to MEV Bot | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-11-06T14:24:49+00:00","dateModified":"2023-11-06T14:24:54+00:00","description":"Uniswap. Source: Adobe \/ vladim_ka A trader using the decentralized exchange (DEX) Uniswap V3 lost over $700,000 after he entered wrong values while","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=81218#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=81218"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=81218#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"$700,000 Lost to MEV Bot"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/81218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=81218"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/81218\/revisions"}],"predecessor-version":[{"id":81220,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/81218\/revisions\/81220"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/81219"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=81218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=81218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=81218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}