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The decentralized loan protocol platform bZx is once again being talked about. After the two “robbery of genius” style transactions last February, $ 500,000 was again obtained, to say the least, in a questionable manner.
Scalping: flash trading revisited in DeFi style
The ICO and the IEO are no longer in fashion for a long time. Now make way for IDOs ( Initial DEX Offerings) , with the same fund drifts , but in the era of the moment: DeFi (decentralized finance).
This time, it was the BZRX token , from the bZx crypto lending platform, which caused a stir in the cryptosphere. Or more precisely, its listing on the decentralized exchange platform Uniswap Monday, July 13 2020.
Roman Storm , founder of the cybersecurity agency PepperSec , was among the first to report a trader's “ scheming” , which amounts to an act of hacking.
A simple act, but only a priori
To succeed in this feat, the trader launched his bot to buy BZRX, at the same time that the block was put in his liquidity pool on Uniswap. New blocks being generated every 10 seconds on the Ethereum network, you should not miss the timing .
In any case, from the launch block of the Uniswap pool of , the price of the token went from 0.04 to $ 0.15 , then downright to $ 0.60 after 5 minutes. It was at this point that the bZx team announced the official launch on Uniswap.
The clever trader / manipulator then hastened to sell his tokens to “ late” entrants . He managed to raise a profit of $ 500,000 before the BZRX fell to $ 0.15 . The price of the token is still around 0.15-0.19.
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