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Pump lets anyone create coins, giving everyone equal access to buy and sell from the start. Prices can move quickly, so trade carefully.
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Paired with SOL unsafesquid9224 | $381.91% |
 92rXET | $30.15% |
 mumu2 | $0.410.02% |
 citywidetuna600 | $0.000.00% |
 Baurzhan | $0.000.00% |
 lurkooor | $0.000.00% |
Ross Ulbricht, the recently pardoned founder of Silk Road, has reportedly lost approximately $12 million in two disastrous trades on the memecoin platform Pump Fun. This occurred shortly after his release from prison, where he had been receiving cryptocurrency donations, including Solana (SOL), from supporters during his 10-year incarceration. The losses stem from a series of unfortunate events: 1. A memecoin named ROSS was created, with 50% of its supply donated to Ulbricht. 2. Ulbricht (or someone with access to his wallet) attempted to list this donation for a slow, orderly sale on Raydium, a popular Solana on-chain exchange. 3. However, a critical error was made when Ulbricht accidentally created a Constant-Product Market Maker pool in two transactions, using 80% of his supply. 4. This unintended “market sell order” caused the price of ROSS to crash rapidly. As a result of this mistake, a Maximal Extractable Value (MEV) bot operator on the other side of the trades managed to profit approximately $600,000 from the once multi-million dollar supply. It’s worth noting that Ulbricht has not yet commented publicly on these Solana or ROSS trading mishaps. This incident highlights the potential risks and complexities involved in cryptocurrency trading, especially for those dealing with large sums or newly acquired assets.