The post Ross Ulbricht Lost $12 million From Donations appeared on BitcoinEthereumNews.com.

This was highlighted by Arkham Intelligence. During the initialization of a liquidity pool on the DEX Raydium, an incorrect asset price was set. Tokens worth $1.5 million obtained from the PumpFun platform were “immediately intercepted” by an MEV bot and sold into an already established pool. The script repeated this operation multiple times, leading to total losses of $12 million. The creators of ROSS sent Ulbricht 50% of the total meme coin supply. The MEV bot sold 80% of these coins for just over $600,000, causing the asset’s value to plummet by approximately 90%. Source: Arkham. Despite these losses, Ulbricht still holds 10% of the supply, valued at around $200,000 after correctly adding liquidity to the Raydium Concentrated Liquidity pool. It’s worth noting that on January 22, U.S. President Donald Trump pardoned Ulbricht, who was serving two life sentences. Coinbase’s product director, Conor Grogan, discovered 430 BTC in wallets presumably linked to Ulbricht, worth nearly $49 million, though access to these funds remains uncertain. Source: https://coinpaper.com/7256/ross-ulbricht-lost-12-million-from-donations

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Filed under: News - @ January 31, 2025 4:25 pm