Multichain

Fantom

Coin

<ul class="news-points"> 
 <li>The recent Multichain hack caused price fluctuations on the Fantom blockchain.</li> 
 <li>The price differences led to what some have called the smartest arb in crypto history.</li> 
 <li>Opportunistic traders reportedly bought USDC at a 50% discount and offloaded it for a profit on other chains.</li> 
</ul> 
The suspicious outflow of funds from cross-chain router protocol Multichain earlier this month triggered a domino effect that involved the devaluation of crypto assets on the <a href="https://coinedition.com/fantom-foundation-remains-resilient-as-multichain-faces-crisis/" rel="noopener noreferrer nofollow">Fantom blockchain</a>, which relied on Multichain for maintaining accurate trading prices in its ecosystem.&nbsp; 
The devaluation led to differences in prices of the same crypto assets on different chains, which paved the way for what experts described as the smartest arbitrage in crypto history. <a href="https://coinedition.com/tag/arbitrum-arb/" rel="noopener noreferrer nofollow">Arbitrage</a> refers to a type of trading that takes advantage of the fluctuation in the price of assets in different markets. This allows traders to profit from the minor difference in prices of the same asset across several marketplaces.&nbsp; 
Crypto journalist Wu Blockchain took to <a href="https://twitter.com/wublockchain12/status/1682587327158419457?t=FUvZKC6ApoLZB_wYBjlncQ&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Twitter</a> earlier today to highlight one such arbitrage associated with the price difference induced by Multichain’s recent issues. Following the outflow of over… 
The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/multichain-hack-led-to-the-smartest-arbitrage-in-crypto-history/">Multichain Hack Led To The Smartest Arbitrage In Crypto History</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.

Multichain Hack Led To The Smartest Arbitrage In Crypto History

Coin Edition

Other articles published on Jul 22, 2023

Celsius Network Works to Make an Agreement for Customer Fund Returns

Ripple (XRP) Shows Resilience Amidst Crypto Market Volatility

Analyst Predicts Telegram Crypto Trading Bots as the Next Big Trend: Discover the Top 4 Projects

OpenAI Unveils Android Version of ChatGPT

MARKET UPDATE: Bullish Trends Emerge for DOGE, MATIC, GALA, and XLM

Celsius to Pay More to Customers in Settlement

Join our free newsletter for daily crypto updates!