Accidentally, 19,687 USDT was exchanged for 1 $SPK!
How did this happen?
Before the official launch of $SPK, teochew.eth created a SPK/USDT liquidity pool on-chain and added 19,998 USDT unilaterally!
The intention was to set the price at 1 USDT = 996,210 SPK (i.e., to buy at a low price), but accidentally set it to 1 SPK = 996,210 USDT (extremely high price for selling)!
As soon as the trade opened, the savvy trader 0x7ef29 seized the opportunity and exchanged 1 $SPK for almost all the USDT in the liquidity pool!
He only spent 1 $SPK to take away 19,687 USDT!
By the time teochew.eth realized what happened, the pool was already emptied, leaving:
- 32.92 USDT
- 4.69 $SPK (worth about $0.31)
Total losses reached $19,965! What a huge loss 🙈
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⚠️ Lesson
Always double-check the price range when adding liquidity! A single price direction reversal could lead to disaster for your wallet.
#DeFi #Stablecoins #SparkFi #USDS #sUSDS @cookiedotfun $Spark #Sparkfi @sparkdotfi
Trader 0x7ef29 just sold 1 $SPK for 19,687 $USDT!
How did that happen?
Before $SPK trading went live, teochew.eth created a SPK/USDT liquidity pool and added 19,998 $USDT as single-sided liquidity.
He intended to set the rate at 1 $USDT = 19.931<>996210 $SPK, but mistakenly set it as 1 $SPK = 19.931<>996210 $USDT.
As a result, the moment trading opened, trader 0x7ef29 swapped just 1 $SPK for almost all of the pool’s $USDT — walking away with 19,687 $USDT.
By the time teochew.eth noticed the mistake, most of the liquidity was gone.
He withdrew what was left: 32.92 $USDT and 4.69 $SPK ($0.31) — a loss of $19,965.
Always double-check your price range settings when adding liquidity — one reversed pair can cost you everything.
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