This afternoon, a Uniswap user unexpectedly lost a substantial amount of money while attempting to create a liquidity pool.
While conducting a transaction on Uniswap V3, the user experienced a loss exceeding $700,000 in just 12 seconds. According to Arkham, it was understood that the user incorrectly calculated the values between Curve DAO Token (CRV) and Wrapped Bitcoin (WBTC). The user assumed the $1.56 million worth of WBTC added to the pool was equivalent to that amount in U.S. dollars and ended up receiving CRV tokens instead, which at the time were only worth about $850,000.
Meanwhile, MEV bots quickly took action to capitalize on arbitrage opportunities; however, the most successful one managed to secure only about $260 in total profit after paying a $527,000 fast transaction fee to validators to execute their transaction first.