Ross Ulbricht Loses $12M on Pump Fun

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A Ross Ulbricht-linked address just made a $12M blunder after trying to provide liquidity for the Ross Ulbricht Fund token (ROSS), which was set up as a donation fund for the former Silk Road marketplace founder.The ROSS token developer had launched the coin on 22nd January and sent 50% of the token supply to Ross Ulbricht’s address, 3iSRC, as the donation.

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On 28th January, he attempted to provide single-sided liquidity with 5% of the token supply to gradually sell off his tokens without negatively impacting the price. However, due to incorrectly initializing the pool, the liquidity provided was bought up by an MEV bot at an extremely low price and immediately sold into the pool, resulting in an instant price dump.

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Less than an hour later, he attempted to provide liquidity again, but failed to do it correctly again, this time with 35% of the supply. Another MEV bot acquired the provided liquidity and dumped the token once again.

As a result of the mistake, Ross Ulbricht, himself, lost a total of $12M, while the token lost more than 85% of its value following the sell-off.