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Mis-selling of Crypto Currency Token

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According to the report, according to the monitoring of Lookonchain, the 3Crv, a Curve LP token with a value of US $2 million, was wrongly sold at the address b

Mis-selling of Crypto Currency Token

According to the report, according to the monitoring of Lookonchain, the 3Crv, a Curve LP token with a value of US $2 million, was wrongly sold at the address beginning of 0x8ff0 through KyberSwap, and only 0.05 USDTs were obtained. The MEV robot contract starting with 0xd8 pays 23.79 Ethereum to the verifier and uses 1.45 USDC to obtain the LP token. CyberSwap said that it had contacted the user and was investigating the event, and will provide the event progress later.

Lookonchain: 0x8ff0 The wrong starting address sold Curve LP tokens and caused a loss of $2 million

Analysis based on this information:


The message describes an incident where a Curve LP token worth US$2 million was mistakenly sold for only 0.05 USDT through KyberSwap. The sale was made at the address beginning with 0x8ff0, and it is unclear whether it was a mistake by the seller or an error in KyberSwap’s system. The MEV robot contract starting with 0xd8 was involved in the transaction, paying 23.79 Ethereum to the verifier and using 1.45 USDC to obtain the LP token.

The incident highlights the risks and complexities associated with crypto-trading, where transactions are irreversible and prone to errors. The LP token is a popular type of token used in decentralized finance (DeFi) platforms and represents a share in a liquidity pool. It is traded on blockchain platforms and offers yield farming opportunities, which attract investors looking for higher returns than traditional banking products.

KyberSwap is a popular decentralized exchange that allows users to swap tokens instantly without the need for a centralized authority. Users have full control over their assets and can trade using various wallets, including MetaMask, Trezor, and Ledger. However, the incident raises questions about the robustness of KyberSwap’s security measures and whether it has adequate systems in place to prevent fraudulent transactions.

The MEV robot contract appears to have played a role in the transaction, paying a large sum of Ether and using USDC to obtain the LP token. The purpose of the contract is unclear, but it may have been programmed to facilitate automated trading or arbitrage opportunities. However, the involvement of the contract raises concerns about the use of bots in crypto-trading and the potential for manipulation and fraud.

CyberSwap, the platform where the LP token was mistakenly sold, has stated that it is investigating the incident and will provide updates as they become available. However, it is unclear what steps it will take to rectify the situation or compensate the seller for the loss of the valuable LP token.

In conclusion, the incident highlights the need for caution and due diligence when trading in crypto assets, particularly in the complex and rapidly-evolving DeFi space. Investors and traders should ensure they are using reputable platforms with robust security measures and take steps to protect their assets from potential fraud or errors.

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