Too Long; Didn't Read
A “hacker” started from nothing and made $360,000 in one transaction by taking advantage of flash loan. In this article, I will walk you through the “hack’s” step-by-step, taking a pause along each of the 3 steps to explain the factors at work, so that you could gain a high-level understanding of what happened, beyond the jargons. The hacker crashed the price of WETH, allowing him to profit massively from the short position he just opened on Fulcrum. The bottom line is that Joe makes money when WBTC price goes down - when WETH goes down, Joe loses money.