Big Mistake: Cryptocurrency User Accidentally Converted $131,350 to $0

Interesting losses in the cryptocurrency market continue to pile up. While one user accidentally swapped $131,350 for $0, losing their entire investment, a MEV bot profited $107,002 from this incident.

Blockchain analysis firm Lookonchain has announced that it has identified a significant error occurring on the decentralized exchange (DEX) OpenOcean. During a period when USDR’s liquidity was severely constrained, causing its nominal value to drop by nearly 50%, a user swapped $131,350 worth of assets for $0.

Details of the incident

On October 12, this user exchanged $131,350 in USDR for $0 in USDC. According to Lookonchain’s report, the swap occurred during a sudden drop in USDR liquidity. The user appears to have experienced a substantial loss due to panic selling of USDR.

MEV Boat Earned 107,002 Dollars from This Incident

However, this erroneous transaction was later detected by a Maximum Extractable Value (MEV) bot, which noticed the user’s transaction mistake and seized the arbitrage opportunity. It then utilized the low value of USDR to secure a total profit of $107,002.

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