Crypto Calamity: Ross Ulbricht’s Wallet Loses $12M in Memecoin Mishap 🤑💸

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In a twist of fate that would make even the Patrician of Ankh-Morpork chuckle, the crypto wallets tied to the recently pardoned Silk Road creator, Ross Ulbricht, have suffered a colossal blunder, losing a staggering $12 million in a memecoin trading fiasco. 🤦‍♂️

According to the blockchain analytics firm Arkham Intelligence, Ulbricht, or someone operating his wallets, “accidentally nuked the price” of a fan-made memecoin called ROSS, created after his release from prison. The culprit? A classic case of liquidity pool mismanagement, where Ulbricht “initialized the liquidity pool at the wrong price,” allowing a crafty MEV bot to swoop in and snatch up the tokens for a tidy profit. 💸

But the misadventures didn’t stop there! Ulbricht, or his wallet operator, made the same mistake again, this time losing a whopping $10.5 million, or 35% of the ROSS token supply. 🤯 As Arkham put it, “Ross tried to add single-sided liquidity to sell the coins off passively, but accidentally created a pool with Raydium CPMM, Constant-Product Market Maker, instead of CLMM Concentrated Liquidity Market Maker.” 🤦‍♂️

The result? The ROSS token crashed a staggering 90%, and the MEV bot made off with over $600,000 in profits. 💰 But fear not, dear readers, for the token is now trading at a mere 1 cent, up a whopping 700% in the last day. 🚀

As if the crypto gods weren’t done with their mischievous antics, Arkham revealed that the wallet addresses flagged for this debacle are actually listed for donation on FreeRoss.org, a campaign run by Ulbricht’s family to free him from prison. 🤯 You can’t make this stuff up, folks!

So, in the end, the once-mighty Silk Road creator finds himself in a rather peculiar predicament, with his crypto wallets losing a small fortune in a memecoin mishap that would make even the Librarian at the Unseen University scratch his head. 🙈 Ah, the perils of the digital realm – where even the most seasoned crypto enthusiasts can fall victim to the whims of the market. 🤷‍♂️

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2025-01-31 09:04