💥 A Cardano holder lost over 6 million dollars due to a wrong swap: a lesson more expensive than a gold mining machine
An ADA holder who had been inactive for 5 years just lost over 6 million USD just because of swapping 14.4 million $ADA in a low liquidity pool.
According to ZachXBT, the transaction worth 6.9 million dollars only received 847,695 USDA, causing a loss of about 6.05 million dollars. Previously, the wallet addr…4×534 had only tested 4,437 ADA and then… clicked to receive immediately.
This incident once again highlights the risk of "extreme slippage" when trading large amounts in a poorly liquid pool. The swap also caused ANZA to pump up to 1.26 USD and then deflate back to 1.04 USD.
It is unclear whether this was an intentional move or a human error, as this wallet had never held USDA – a stablecoin with a market cap of only about 10.6 million dollars. In crypto, such mistakes are not rare, recalling the case of Paxos mistakenly minting 300 trillion PYUSD last month.
This article is not investment advice. If you swapped incorrectly and lost money, I am sorry for your loss… but my wallet is still safe so I am lightly celebrating. 😌💸
