Ross Ulbricht-tied crypto wallets lose $12M in memecoin misstep: Arkham
Wallets tied to recently freed Silk Road creator Ross Ulbricht listed tokens at the wrong price, which were then snapped up by a bot.
Crypto wallets tied to recently pardoned Silk Road creator Ross Ulbricht lost $12 million after making a memecoin trading mistake, says blockchain analytics firm Arkham Intelligence.
Ulbricht, or a user operating his wallets, “accidentally nuked the price” of a fan-made memecoin created after Ulbricht’s release from prison called ROSS while trying to provide liquidity on the decentralized exchange (DEX) Raydium, Arkham said in a Jan. 30 X post.
“Because he initialized the liquidity pool at the wrong price, $1.5M of the token (5% supply) was instantly taken by a MEV Bot, then sold into the existing pool,” Arkham explained.
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Author: Stephen Katte
