Recently pardoned by Donald Trump, Ross Ulbricht now tastes the joy and happiness of freedom. So much so that the founder of the illegal marketplace Silk Road continues to be talked about. Indeed, in recent days, he has already lost several million dollars because of cryptocurrency in his effigy.
It all started with a same, bearing the image of the founder of Silk Road
Free for ten days, Ross Ulbricht did not wait very long to be talked about again. According to Arkham Intelligence, the founder of the Marketplace Silk Road – or a person who has access to his wallets – would have lost $ 12 million Because of bad manipulations on the blockchain.
In May 2024, a user of the Memecoin Pump.fun creation platform created A token with the image of Ross Ulbricht, the Ross. For several months, the cryptocurrency price stagnated around 0,00005 dollars per unit.
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During the announcement of the election of Donald Trump as 47th President of the United States on November 7, The price of the Ross suddenly started to climb. In question, a promise made by Donald Trump to the developer, guaranteeing him presidential grace If he were to be invested as head of state.
Thus, in January, one of these tokens could be negotiated Between 0.02 and $ 0.03. Released by Donald Trump on January 21, Ross Ulbricht potentially found access to his wallets. According to an Exchange Coinbase executive, the founder of Silk Road would again enjoy a fortune rising at 430 BTC, or more than $ 4.3 million According to the current Bitcoin course.
In parallel, on a wallet, Ross Ulbricht would have received For 50 % of the Ross supply from the community that supports him. In recent days, Ross Ulbricht has wished to provide liquidity on the Raydium blockchain and thus recover the millions of dollars associated with his Tokens.
To do this, the principal concerned wanted to sell his Ross using a constant product market maker (CPMM) Pool instead of a conceited liquidity market maker (CLMM), which is an error.
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2 times, Ross Ulbricht makes a mistake making him lose millions of dollars
Without realizing it, This bad configuration was detrimental to him. Indeed, because of this poor configuration, the price of the token was devalued for a moment. Immediately noticing the error, a bot mev acquired the tokens released by Ross Ulbricht, corresponding to 5 % of his supply, then sold them as soon as their price has climbed, losing $ 1.5 million losing.
However, history does not stop there. Ross Ulbricht, visibly uncommon with the blockchain world which has evolved enormously during its incarceration, reiterated the experience. This time, He wanted to liquidate for 35 % of the Ross supplyand reiterated his error.
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“” The Bot Mev which recovered the Tokens managed to resell them For more than $ 600,000. This had the effect of seeing the price of the Ross falling more than 90 %, “Explains Arkham Intelligence. In the end, the founder of Silk Road did not that a few hundred thousand dollars For the sale of its cryptocurrencies, for an initial value estimated at more than $ 12 million.
To “console” this huge loss, Ross Ulbricht can be said that it still holds 10 % of the Ross supply. However, its price is now struggling to exceed $ 0.0005.
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Investments in cryptocurrencies are risky. There is no guaranteed high yield, a product with high performance potential implies a high risk. This risk taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital
Surprised by the rise of cryptocurrencies at the end of the 2010s, I started to follow from near this sector which fascinates me at the highest point. When I am not in football, rugby or handball room stadiums, I brought myself to write relevant articles around cryptocurrencies and more broadly, of the web3.
Zacharie Tazrout
325 articles
