According to Cointelegraph, a crypto trading bot performing arbitrage trades made various complicated moves on the Ethereum blockchain. It is expected that it has executed a $200 million flash loan and made a profit amounting to about $3.24.
Sources revealed that on June 14, 2023, Arkham Intelligence, a blockchain analysis firm, shared the details of actions taken by the bot. The firm expects that the transaction was made by an arbitrage bot which executed the entire process through a flash loan, Cointelegraph highlighted.
It is believed by Arkham that the bot borrowed took about 200 million DAI from MakerDAO, a decentralised finance (DeFi) protocol and transferred the funds to the Aave DAI market. After this incident about 1.349 Wrapped Ether (WETH) was borrowed against the funds. Supposedly, WETH was used to buy Threshold Network (T) tokens on the Curve Finance exchange and then sold on Balancer, a liquidity protocol, Cointelegraph added.
Furthermore, it is believed that the bot gained about 0.019 Ether (ETH) whose price rate was about $33 during the time it was traded, Cointelegraph concluded.
(With insights from Cointelegraph)