The $699,090 loss was triggered by an unanticipated reaction to a botched deal.
On Serum v3, the bot placed an Immediate-or-Cancel (IOC) market order.
An arbitrage bot depleted the LFNTY-USDC pool on December 8 from the decentralized exchange (DEX) Lifinity. The $699,090 loss was triggered by an unanticipated reaction to a botched deal, according to Lifinity’s Discord channel.
Durden, a key member of Lifinity, revealed that a bot tried to benefit from price disparities between multiple trading pairs by attempting an arbitrage transaction.
Set to Zero
Moreover, on Serum v3, the bot placed an Immediate-or-Cancel (IOC) market order, which, if filled, requires execution at the current market price. Cancelled orders are those that cannot be fulfilled right away.
However, instead of the usual error message, it returned the exact amount out. According to Durden, its pools took in zero amount and sent zero amount out, which caused the software to reset the previous transaction price to zero
We współpracy z: https://thenewscrypto.com/arbitrage-bot-depletes-lfnty-usdc-pool-on-lifinity-dex/
