Crypto Catastrophe: Ross Ulbricht’s Wallet Takes a $12 Million Dive! 💸

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Well, folks, gather ’round! It seems that our buddy Ross Ulbricht, the mastermind behind the infamous Silk Road, just took a $12 million nosedive into the crypto abyss! How, you ask? A meme coin trading blunder that would make even the most seasoned trader weep! 😱 And just to spice things up, former President Donald Trump decided to give Ross a little pardon party right before he settled into the White House. Talk about timing! 🎉

Ross Ulbricht’s Fan Token: A Rollercoaster of Hilarity!

So, in a fit of inspiration (or maybe desperation?), they whipped up a fan-based meme coin called ROSS. It was all the rage, riding the wave of the latest crypto craze! But hold onto your hats, because on January 30, Arkham Intelligence dropped the bombshell that Ross, or someone with a questionable grasp of trading, accidentally sent the price of ROSS plummeting faster than a lead balloon! 🎈💥

“Because he initialized the liquidity pool at the wrong price, $1.5M of the token (5% supply) was instantly taken by a MEV Bot, then sold into the existing pool.”

And just like that, the ROSS meme coin was available for trading at a bargain basement price! Enter the MEV bot, the opportunistic little rascal, swooping in to snatch up the mispriced tokens and reselling them for a tidy profit. Talk about a steal! 🦸‍♂️💰

But wait, there’s more! According to Arkham, Ross’s wallet decided to play the same game again, leading to an additional loss of $10.5 million! That’s right, folks, 35% of the token’s supply went poof! “Ross tried to add single-sided liquidity to sell the coins off passively, but accidentally created a pool with Raydium CPMM instead of CLMM,” Arkham quipped. Classic Ross! 🤦‍♂️

MEV Bots: The Real Winners in the ROSS Token Fiasco! 🏆

In a shocking twist, a MEV bot sold off those mispriced ROSS tokens for over $600,000! Can you believe it? The fan-made token took a nosedive of 90% as the bot capitalized on the chaos and dumped the tokens like yesterday’s news! 📉

But don’t count ROSS out just yet! According to DEX Screener, it’s currently trading at around $0.01, which is a whopping 700% increase over the past day! Who knew a crash could be so… uplifting? 😅 Meanwhile, the wallets flagged by Arkham are now masquerading as donation addresses on FreeRoss.org, a campaign led by Ross’s family to spring him from the slammer. And get this: the Solana donation addresses received 50% of the ROSS token supply from the developer! Talk about a family affair! 👨‍👩‍👦

Even after losing 40% of the token’s supply due to trading blunders, Arkham reported that the flagged wallets still hold onto 10% of the ROSS supply, valued at around $200,000. So, it seems Ross still has a little something to smile about! 😁

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2025-01-31 15:04