🔥 This is how the founder of Silk Road lost more than $12 million two days ago due to a technical error in his meme coin that he tried to launch after President Trump pardoned him
🔥 According to Arkham Intelligence, a blockchain analytics firm, Ross Ulbricht, the founder of the infamous Silk Road marketplace, suffered a loss of $12 million due to a trading error related to a meme coin called ROSS. The error occurred while trying to provide liquidity on Raydium, a decentralized exchange (DEX).
🔥 The incident occurred when the liquidity pool for the ROSS token was set up at an incorrect price. As a result, the Maximum Extractable Value (MEV) bot was able to immediately acquire $1.5 million worth of the token, which constitutes 5% of its total supply.
🔥 The bot then sold these tokens in the existing pool for a profit. The wallet associated with Ulbricht repeated the error, resulting in an additional loss of $10.5 million, or about 35% of the token’s supply.