Kataryna Habeliia December 14, 2020
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- 1 Tendies DeFi Token Price Increases By 27,000% In 1 Minute
- 1.1 Is it possible to make money on price increases in the future?
Tendies DeFi Token Price Increases By 27,000% In 1 Minute
An unknown person manipulated the price of the cryptocurrency with the help of borrowed funds — he borrowed Ethereum for $ 4.1 million from the dYdX platform.
The DeFi token price Tendies has risen by 27,000% several times in a short time. On the Uniswap decentralized exchange on December 12–13, the price of the cryptocurrency soared three times from $ 0.05 to more than $ 13.
The hesitation was provoked by an unknown user. Using flash loan technology, he borrowed 7,000 ETH ($ 4.1 million) from the dYdX platform and used it to manipulate Tendies’ price. But I couldn’t make money on it. The profit for each of the transactions did not exceed $ 15 when the cost of transactions was $ 5–8. Transactions recorded by the blockchain observer Etherscan.io
Similar manipulations have been taking place with the Tendies price since the end of November. During this period, the token rate has risen by thousands of percent about 40 times. Previously, only one hacker caused price fluctuations with the help of instant loans — each time he borrowed 2 thousand ETH from dYdX. Then another unknown one began to use the same method, it already used 2.1 thousand ETH. Now a third user has joined them, who borrows 7,000 ETH from dYdX. All operations were recorded by the astrotools.io service.
Is it possible to make money on price increases in the future?
Tendies token price chart. Each red and green candle is a price jump caused by a manipulation (Photo: astrotools.io)
The average user cannot capitalize on the skyrocketing Tendies. If you place an order to sell a coin at an overvalued rate, it will not work. The manipulation of the price of a cryptocurrency with an instant loan occurs within a single transaction. Quotes soar dozens of times and return to their previous value at the same second, without affecting the placed sell orders.
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