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.
Read more,# Silk Road Schemes Meet Memecoin Dreams: Ross Ulbricht’s Wallet Woes
## Key Points:
– Ross Ulbricht’s crypto wallets took a detour on the memecoin highway, losing a staggering **$12 million**.
– The blunder occurred when Ulbricht, or one of his wallet operators, attempted to set up liquidity for a memecoin called **ROSS**, named after him, on the DEX Raydium.
– A seemingly innocent price-setting flub led to **$1.5 million worth of tokens (5% of supply)** being devoured by a swift MEV bot—because who doesn’t love a blooper reel in crypto?
– Arkham Intelligence labeled the mistake as “accidentally nuking the price,” proving that sometimes reality is stranger than fiction… and way messier!
## Hot Take:
Well, well, well, it looks like setting liquidity takes a bit more finesse than a drunken DJ at a wedding! Ross might have been fresh out of prison, but this blunder feels like a classic case of “too good to be true.” Perhaps someone should’ve suited him up with better crypto etiquette before letting him loose in the memecoin jungle! Remember folks, even the pros need a guide on setting up their crypto P&L. #Oops #CryptoBlunder #SilkRoadAdventures
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Original article: https://cointelegraph.com/news/ross-ulbricht-wallets-lose-12-million-memecoin-trading-arkham?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
