Crypto wallets associated with Ross Ulbricht have faced significant losses following a trading blunder involving the ROSS memecoin.
Ulbricht-Linked Wallets Face Loss
A trading mistake involving the ROSS memecoin resulted in over $12 million in losses for wallets linked to Ross Ulbricht. The error was caused by an incorrect liquidity provision attempt on the decentralized exchange Raydium.
Details of the Trading Error
The trouble began when wallets associated with Ulbricht tried to provide liquidity on Raydium, leading to a price misstep. An MEV bot took advantage of this situation, capturing 5% of the ROSS token supply, valued at approximately $1.5 million. This mistake essentially "nuked" the token's price. A subsequent attempt to provide liquidity resulted in further losses amounting to $10.5 million.
A Slight Resurgence
Despite the 90% crash in ROSS value, it has rebounded by 700% in the past 24 hours, trading at one cent. These wallets are also linked to the FreeRoss.org campaign, aiming to secure Ulbricht's release from prison.
Ulbricht's remaining wallets still hold about 10% of the total ROSS supply, valued at $200,000. Supporters hope this will aid in funding his legal battle and clemency campaign.
