A user of KyberSwap swapped 2 million dollars but only got 0.05 back
KyberSwap User Swaps 2 Million USD But Only Received 0.05 USD In Return
KyberSwap, a DeFi initiative from Kyber Network, acknowledges that customers encountered problems during transactions, leading to sizeable losses.
A KyberSwap user swapped 2 million USD tokens on March 11 but only received 0.05 USDT, alarming the DeFi community. Kyber Network was notified of this incident on March 11. A DeFi user tried to trade the 3CRV token, which gives Curve’s 3pool liquidity, for the stablecoin USDT. However, instead of trading 3CRV on the DEX, most users will simply convert it back to stablecoin on Curve.
Get to know Godleak
Godleak crypto signal is a service which comprise of a professional team. They tried to provide you signals of best crypto channels in the world.
It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.
Godleak crypto leak service have multiple advantages in comparision with other services:
- Providing signal of +160 best crypto vip channels in the world
- Using high tech bot to forward signals
- Without even a second of delay
- Joining in +160 separated channels on telegram
- 1 month, 3 months , 6 months and yearly plans
For joining Godleak and get more information about us only need to follow godleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features
https://t.me/Godleakbot
Also you can check the list of available vip signal channels in the bot. by pressing Channels button.
Due to its difficulty in locating the swap site that the user had requested, KyberSwap produced a 3CRV/USDC pool on Uniswap v2 that had extremely low liquidity because only 2 USDC were available and had been dormant for 251 days before continuing to swap USDC to USDT. For 0.054 USDC, this trader exchanged 2 million 3CRV tokens. The user’s wallet will continue to receive 0.054 USDC after being exchanged for 0.051 USDT by KyberSwap.
After the transaction, a MEV bot found the aforementioned pool to be unbalanced and added 1.41 USDC while withdrawing 2 million USD of 3CRV tokens. To ensure the quickest transaction possible, MEV adds a USDC deposit with a cost of up to 23.7 ETH (roughly $39,000) to the pool. Customers who choose a novel method of converting assets without putting in place slippage controls and KyberSwap when traversing transactions to a “pool” die “are both to blame for the problem with transactions.
The event was confirmed by KyberSwap in the late afternoon of March 11. The project asserts that it offered the customer a switch option at a fair price, and the customer accepted it. Despite the significant exchange rate difference, users continue to choose swap when presented with new information, earning a pitiful sum of USDT in return. KyberSwap made an effort to duplicate the circumstances that gave rise to the aforementioned exchange, with essentially identical results.
Kyber acknowledges that a more prominent display of swap estimations could be made in their swap interface. The project is thinking about including a feature that forces users to create a new transaction if the revised swap price is less than the data that was previously displayed. The project immediately alerted users to exchange rate changes and asked them to confirm them prior to exchanging.
