Frax (prev. FXS) (FRAX)

5万 USD challenge review (2/1 ~ 3/30) (1)

Conclusion: 50k -> 150k

Hello, long time no see.
I'll recap what I said I'd do before the $50k challenge, and since I think I might shut down the channel, I’ll also give a notice about that.

The profit shown is only the profit generated from the $50k, and any trades made with the original seed are excluded. I did not take any risky positions, so while I didn’t earn a huge amount, I also never incurred a loss. I only dealt with spot gaps, DEX gaps, CEX arbitrage, and exploits. I never touched futures positions on either side or excessive positions.

In February I was personally targeted a lot, so I could hardly do anything, but in March I became more active. In most cases I only used about $20k out of the $50k. I’ll focus on the major points and list the wallet address at the end. I used several wallets, but I’ll only list the main one. I have now changed all exchange and wallet addresses.

- End of January (Bithumb)

Bithumb set daily withdrawal limits for most coins very low (about $2k per account). When Upbit or overseas exchanges showed pumping,

Normally you would buy on Bithumb, transfer to an overseas exchange and sell, creating demand that would align Bithumb’s price with the overseas price. But because withdrawals were impossible, Bithumb’s price stayed artificially very cheap.

The most memorable case was FRAX. During the rebranding from FRX to FRAX, for a relatively long period (about 1–2 weeks), Bithumb’s price was more than 10% cheaper.

At that time, people trading together quickly caught the opportunity, hedging heavily when the overseas market moved opposite or in line, creating multiple accounts on Bithumb and Upbit, sending USDT from Gate to several Bithumb accounts, and using the per‑account daily limit (about $10k) across many accounts to rapidly exhaust the limits and earn large profits. The trick was to keep everything in one account and easily shift orders to other named accounts via the order book (reverse arbitrage is possible anyway).

Also, when FRAX first listed, there were huge gaps on CEXes, and even later, if you simply send FXS to Binance…

FRAX trading is now live on @CoinoneOfficial🎉

FRAX is our upgraded ecosystem token, used as gas on our L1 Fraxtal. It offers exposure to the future of digital dollars through the growth of our GENIUS-compatible stablecoin, frxUSD. https://t.co/0IU5VB7IFS

Frax always one step ahead https://t.co/F7sxv3Ft9R