Lifnity LFNTY-USDC pool drained by arbitrage bot, losing nearly $700,000

Odaily News DEX Lifinity’s LFNTY-USDC pool was depleted by arbitrage bots on December 8, with a loss of approximately US$699,090. A Lifinity core member named Durden explained that a bot tried to conduct arbitrage trading along the route of USDC > xLFNTY > LFNTY > USDC. The bot initiated an Immediate-or-Cancel (IOC) market order on Serum V3, an order type that if filled must be executed immediately at the current market price. Orders that cannot be completed immediately will be cancelled. (Cointelegraph)