In the wallet of Ross Ulbricht, the famous founder of Silk Road, a costly error made a loss of $ 12 million in a few seconds. Although profits and damages are widespread in the industry, this event surprised the crypto community with a crypto liquidity error on Raydium. Let us examine how this happened.
Ross Ulbricht suffered a $ 12 million loss while providing liquidity to Raydium
In 2015, Ross Ulbricht was convicted of money laundering and drug trafficking. Ulbricht, who was forgiven by Donald Trump 11 years later, received the continuous support of the crypto community during this time. The community created Ross crypto money to support it and shared 50 %of the token supply to Ulbricht. This process contributed to the 12 million dollar loss.
Ross Token Price Lied 90 %
According to Arkham Intelligence, Ulbricht or wallet controller performed two separate operations on January 29, trying to liquid these tokens. However, by making a critical error, the concentration liquidity market was created instead of a constructive (CLMM) market-based (CPMM) pool.
According to Arkham Intelligence, Ross Tokens were submitted to trade with disadvantaged prices due to this error.
This error led CPMM to open Ross tokens to trade with negative prices. As a result, the Silk Road founder lost $ 12 million and the price of the Ross Token was seriously affected.
MEV Bot turned $ 556 from Ross Ulbricht error to $ 643 thousand
The first process from Ulbricht’s account was an opportunity for the maximal extravability value (MEV) boat. The boat bought 398.6 million Ross Token, spent about $ 556, and then sold these tokens for 2,669 left for the left.
This shows that crypto trade involves high risks and that many factors in the market and complexity should be taken into consideration. It is important that investors have sufficient technical knowledge in the sector to avoid such mistakes.
Situation in the Token Market
Currently, the Ross Token is traded at $ 0.0005209 and shows a 55 %decrease in the weekly graph. However, the transaction volume of the token is constantly increasing and the volume, which reaches a level of 508.27 thousand dollars, attracts the attention of investors.
The loss of 40 %of the Ross Token supply of the Silk Road founder led to a large liquidity ejaculation and a continuous price drop. During this time, some investors made profit by using this situation in their favor.
This event, where Ross Ulbricht has experienced, has once again revealed that technical errors in crypto markets could lead to major financial losses. It is emphasized that investors should be careful and understand their market dynamics well.
How critical the management decisions and the correct operation of technical equipment are in the crypto world reveal the costs of such errors.
It is important that the crypto community is more careful about such errors and to take the necessary measures and to prevent similar losses in the future.
As a result, Ross Ulbricht’s crypto liquidity error led to major financial losses. This shows that technical errors in crypto markets could have serious consequences. It is important that investors analyze the market well in order to avoid similar mistakes.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
