The post Ross Ulbricht’s wallet is losing millions on Pump Fun memecoins appeared on BitcoinEthereumNews.com.

Pardoned Silk Road founder Ross Ulbricht — or somebody who controls his wallet keys — has seemingly lost around $12 million on two disastrous trades on memecoin platform Pump Fun. Ulbricht, who was pardoned by President Donald Trump earlier this month, had been receiving donations, including Solana (SOL), from the crypto community throughout his 10-year prison stay. While most assumed he’d simply sell these assets upon his release, the world learned today that he — or someone who controls his keys — has instead been trading on Pump Fun. Unfortunately, the wallet’s owner made a catastrophic mistake on at least two Solana orders and lost an estimated $12 million. To make things worse for Ulbricht, he lost the funds to a sophisticated Maximal Extractable Value (MEV) bot operator, meaning he’s not even able to claim that he was giving back to his community of supporters. Ulbricht accidentally created a Constant-Product Market Maker pool, instantly crashing the price. Read more: How much bitcoin will Ross Ulbricht have if Trump sets him free? According to a report by Arkham, the creator of a memecoin bearing his name, ROSS, donated 50% of its supply to Ulbricht. Ulbricht — or again, someone with access to his private key — then tried to list that donation for a slow, orderly, passive sale by posting single-sided liquidity on a popular Solana on-chain exchange, Raydium.  However, Ulbricht accidentally created a Constant-Product Market Maker pool in two transactions with 80% of his supply, instantly crashing the price. Ulbricht’s de facto “market sell order” crashed the price of ROSS so quickly that the MEV bot operator on the other side of the two trades was only able to make off with about $600,000 of the once multi-million dollar supply. Ulbright, who isn’t yet giving media interviews, hasn’t commented publicly…

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Filed under: News - @ January 30, 2025 6:25 pm