TechFlow news: On February 26, according to on-chain analytics platform Lookonchain, a whale with the address 0x5F64 attempted to attack the Lighter protocol by going long on ARC tokens but ultimately failed, incurring a loss of $5.3 million.
The whale deposited 8.39 million USDC into Lighter and established a long position of 210 million ARC tokens, valued at approximately $20.45 million, pushing the ARC price up to $0.15. Subsequently, another whale capitalized on the price surge by selling ARC tokens in batches, offloading 9.8 million ARC for a profit of $1.13 million while retaining 6.4 million ARC.
Thereafter, the ARC price plummeted, triggering liquidation of the 210-million-ARC long position. The address 0x5F64 withdrew the remaining 3.06 million USDC from Lighter, concluding this failed attack with a total loss of $5.3 million.
