Collapse · March 12, 2020
MakerDAO 'Black Thursday': zero-bid liquidations during ETH crash
Price at event
$4,917
Today
$73,594
Since then
×15.0
When ETH fell ~43% on March 12, 2020, Ethereum gas spiked, Maker's price oracles lagged, and a wave of vaults liquidated at once while keeper bots choked in the mempool. With almost no competing bids getting through, opportunistic bots won roughly $8.32M of ETH collateral for 0 DAI, leaving the protocol about $4-6.65M in bad debt and forcing MakerDAO to mint and auction new MKR — diluting holders to plug a hole that no one technically hacked.
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