Ross Ulbrichts wallet loses millions due to error

Wallets linked to Ross Ulbricht, the Silk Road founder recently released by President Donald Trump, reportedly lost $12 million in a trade in memecoins, according to Arkham Intelligence.

It is not clear whether Ulbricht himself was behind the trade. The wallets in question are a donation address for Ulbricht on Solana, which received about 50 percent of the developer's supply of ROSS tokens. According to Arkham, the wallets attempted to use the tokens received to set up a liquidity pool on the Raydium DEX.

By initiating the liquidity pool at the wrong price, $1.5 million in tokens (5 percent of the supply) was immediately picked up by an MEV bot and then sold into the existing pool. It then made the same mistake again and lost another $10.5 million (35 percent of the supply), Arkham said.

This action caused a 90 percent implosion in the price of ROSS memcoin. However, Ulbrichts wallets still hold about 10 percent of the total supply, with a current value of about $200,000.

The founder of Silk Road was originally scheduled to serve a double life sentence, but has now been released early. There are rumors that Ulbricht still owns a fortune of 450 Bitcoin, which amounts to $47 million.