Someone Flash Loaned $200M From MakerDAO to Make $3 Profit
An arbitrage bot took advantage of MakerDAO's 'DssFlash' contract, creating a $200 million flash loan to extract $3 in profit.
An arbitrage bot flash loaned $200 million worth of the dai stablecoin (DAI) from MakerDAO on Wednesday, making a $3.24 profit after transaction fees.
The bot took advantage of MakerDAO's 'DssFlash' contract, which permits users to borrow any amount of DAI without incurring fees, according to crypto data provider .
A flash loan is a type of loan that is received and paid back within a single block without any upfront collateral. In this instance, the bot borrowed 200 million DAI tokens and supplied them to the Aave DAI market, borrowing $2,300 worth of wrapped ether (WETH) against it.
That WETH was used to buy Threshold Network (T) on Curve before it was sold on Balancer in a myriad of single-block transactions.
The total profit before fees was $33, however, it incurred almost $30 in transaction and protocol fees, leaving a net profit of $3.24.
Flash loans have been in the past, with a string of flash loan exploits on decentralized finance (DeFi) platforms like and resulting in losses exceeding $10 million.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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