|
|
|
|
|
|
by downandout
1489 days ago
|
|
|
The owner of the $8 million was a smart contract, in this case a DEX (decentralized exchange) pair on Pancakeswap. Yes, the contract is designed to do this. I believe the fee on that pair is 0.25%. Technically this was a “flash swap,” not a flash loan, but they are functionally equivalent for purposes of this discussion. If the contract loans the tokens and isn’t paid back by the end of the transaction, it reverts as if nothing ever happened. Ethereum transactions are “atomic” - either all parts of the tx succeed, or they all fail. So there is no risk to the lender, they always get paid back. |
|
|