CryptoNews: An arbitrage bot made headlines by executing a flash loan worth $200 million in the $DAI stablecoin from MakerDAO, generating a profit of $3.24 after transaction fees. 🥸
in a series of rapid transactions within a single block. Although the total profit amounted to $33, nearly $30 was consumed by transaction and protocol fees, resulting in a net profit of $3.24.
The arbitrage bot could have borrowed a relatively small amount of $2,300 due to limited liquidity, which could have accounted for the small gains. However, flash loans have gained notoriety for their potential misuse in the decentralized finance space. Previous instances of flash loan exploits on platforms like Platypus and 0VIX have caused losses exceeding $10 million.I've been writing about Bitcoin since 2014.
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