Ross Olbricht, the founder of the Silk Silk Road Silk, occupied the headlines of the newspaper again – not for his controversial or amnesty past by former President Donald Trump, but due to an amazing loss of $ 12 million incurred while Mumikoin’s trading on a pump platform.
Ross Olbrech is a mistake of 12 million dollars
On January 29, Olbrecht, or an individual has access to the Solana portfolio, It is said He tried to manage liquidity for Ross’s symbols, which is the Mim currency that his supporters have established to raise money after his release.
Ross Olbricht received 50 % of the total offer of these symbols, which were designed to generate financial support in the wake of amnesty. Instead of liquidating his property simultaneously, he sought to gradually add liquidity to Raydium, a decentralized exchange (DEX) that works on Solana Blockchain.
However, the ULBRICHT attempt to provide liquidity is marred by a fatal mistake. When creating a liquidity gathering, the CPM Mail Mode Model Model is accidentally used instead of the most accurate liquidity market maker model (CLMM).
The CPM, which is the standard for automated market makers, does not allow liquidity providers to set specific price ranges for their trading. As a result, ULBRICHT codes are available for trading at an improper price, which led to the consequences of the immediate and unintended market.
Ross symbols drown 90 % after MEV exploitation
This wrong configuration attracted the attention of the maximum value robot (MEV) – an algorithm designed to wipe technical transactions for profitable opportunities and implement deals at lightning speed.
The robot seized the moment, purchased 1.5 million dollars in Russian codes with a sharp discount, and then immediately reselling them in a profit in the current liquidity set. The rapid exploitation of the wrong symbols caused a significant decrease in prices, which led to a series of losses.
In an attempt to correct the situation, Ross Olbrecht Try To fix his liquidity setting but fell into the same trap, and eventually lost an additional $ 10.5 million. This raised its total losses to amazing $ 12 million, as the MEV robot continued to exploit the wrong liquidity.
The repercussions of these transactions led to a 90 % collapse in the distinctive code price, which leads to a large part of its market value.
Despite these setbacks, Ross Ulbricht maintains a 10 % of the distinctive symbol supply in another portfolio, is now properly formed on the ClMM bathrooms in Raydium. These remaining holdings are estimated at about $ 200,000, which is just a small part of the original investment.
Distinctive image from Dall-E, Chart from TradingView.com
