15.06.2023

Arbitrageurs decided to use the Tether stablecoin deposit

The other day, the stable USDT coin stopped going level with the dollar. The exchange rate was able to drop to $ 0.995 per USDT. Such data was provided by CoinGecko.

What did the arbitrageurs do


Lookonchain specialists noticed that after the decline, the czsamsun.eth user conducted a "short" of tokens on the decentralized Aave financial protocol of the second version. He issued a loan in the amount of more than 31.5 million USDT. After that, he conducted an exchange of coins for the USDC. The amount came out more than 31.4 million coins. The exchange rate was $0.9978.


The second user also decided to take advantage of the fact that the exchange rate has fallen. He issued a USDC loan to buy stable Tether tokens and repay it in coins.


The third decided to issue a loan for Aave of 50 million USDC coins. Thus, he conducted the arbitrage of a stable coin from Tezer. After that, he made the conversion of tokens to USDT in several visits.


The technical director showed a calm reaction to such actions. He said that the market is now worried. As a result, attackers use this to gain benefits. He also noted that the company will buy, as always, absolutely any amount.

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