KyberSwap: has contacted Coinbase and others to try to recover the funds lost by the previous mis-selling of 3CRV users
On March 13, a user mistakenly sold the Curve LP token 3CRV with a value of more than US $2 million and only got 0.05 USDT. DEX aggregator KyberSwap published the investigation results of this event. KyberSwap said that when the user sold, only the route of 0x was successful, so KyberSwap chose the transaction path provided by 0x, which pointed to a pool with almost no liquidity, but the user did not seem to notice the reminder of the actual value of tokens obtained through the transaction and continued to trade, resulting in losses.
Interpretation of this information:
KyberSwap recently released the results of an investigation into a user who mistakenly sold the Curve LP token 3CRV for 0.05 USDT, when its actual value was over US $2 million. The investigation found that when the user sold the token, only the route of 0x was successful, which pointed to a pool with almost no liquidity. Despite being warned about the actual value of tokens obtained through the transaction, the user continued with the trade, resulting in significant losses.
This incident highlights the risks associated with decentralized exchanges (DEXs) and the importance of proper research and caution when using them. In this case, the user made a critical mistake by not carefully considering the transaction path and liquidity of the pool they were trading in. Additionally, the user ignored the warning about the actual value of the tokens they were obtaining, indicating a lack of understanding about the tokens being traded.
Moreover, this incident raises questions about the effectiveness of DEX aggregators like KyberSwap, which offer multiple DEX platforms to users for trading. While offering more options to users can be beneficial, it also presents more potential risks as users may not fully understand the different platforms or their liquidity levels. In this case, KyberSwap’s decision to follow the 0x route may have contributed to the user’s loss, as the platform they chose had significantly lower liquidity.
In conclusion, this incident serves as a cautionary tale for users of DEXs and highlights the importance of proper research and caution when using these platforms. It also raises questions about the effectiveness of DEX aggregators and their responsibility to ensure the safety of user funds.
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