Silk Road Founder's Wallet Loses $12 Million Due to Token Liquidity Adding Mistake
Darknet Silk Road founder Ross Ulbricht, or whoever has access to his wallet, accidentally dropped the price of his eponymous token ROSS by 90 percent while trying to provide liquidity on Raydium, according to Arkham Monitoring.
Ross tried to add unilateral liquidity to passively sell the tokens, but accidentally created a pool with Raydium CPMM instead of CLMM, so $1.5 million in tokens (5% of the total supply) were immediately seized and sold by MEV bots. The same mistake was made a second time and another $10.5 million (35% of supply) was lost.
Previously, Ross Ulbricht's Solana donation address received 50% of the supply of ROSS (Ross Ulbricht Fund) tokens from dev last week.
Despite losing 40% of the supply, Ross still holds 10% of the tokens in a separate address and the LP was correctly added to the Raydium Concentrated Liquidity. (Currently worth about $200,000)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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