Recently Pardoned Silk Road Founder Ross Ulbricht lost $12 million by trading a meme token dedicated to him.
After Ross's January 22 was released , 50% of the Ross Ulbricht (ROSS) memecoins issued on the network, created in his honor, were donated to him. Solana (SOL) A few days later, Ulbricht or the person controlling his crypto storage decided to sell some of the assets to boost their liquidity on the decentralized exchange Raydium.
But apparently Ulbricht mistakenly set a price well below the market price, and the bot bought up $1,5 million worth of tokens (5% of the coins in circulation) for next to nothing. Then Ross made a similar mistake and lost $10,5 million worth of digital assets, which amounted to about 35% of the circulating supply.
The automated bot that managed to buy the coins immediately sold the tokens for more than $600,000. Unsurprisingly, the ROSS rate predictably plummeted by about 90%, and the memecoin owners suffered huge losses.
ROSS Meme Token Price Crash
In addition to ROSS, Ulbricht donated bitcoins, ethereums, Solana (SOL), BNB (BNB) and Dogecoin (DOGE) for a total of about $381,000. Among those who decided to financially support the creator of Silk Road was the crypto exchange Creak , who donated $111,111 to Ross for pocket money.
Ulbricht, who spent more than 11 years behind bars, will use the money for personal needs in order to integrate into society without problems.
