Unanticipated Glitch Results in Lifinity USDC Pool Depletion
A surprising bug in an Immediate-or-Cancel order on December 8 led to a substantial setback in Lifinity’s LFNTY-USDC pool. The glitch led to approximately $700,000 being depleted from the pool. The Lifinity USDC pool drained incident occurred when an arbitrage bot tried to exploit price variances between different trading pairs. The bot performed an Immediate-or-Cancel market order on Serum v3, which is required to be instantly filled at the current market rate, and gets cancelled if it’s not filled. This glitch triggered an unexpected reaction to this unsuccessful trade, draining the Lifinity USDC pool and leading to a considerable loss. This unfortunate event was underscored by Lifinity’s core member Durden in the exchange’s Discord channel.
