Ross Ulbricht's $12M MemeCoin Blunder: Silk Road Master's Trading Mistakes

Ross Ulbricht, the notorious figure behind the Silk Road black market, has reportedly suffered a significant loss of $12 million due to a trading blunder involving ROSS, a fan-made memecoin. The incident was first reported by Arkham Intelligence, a leading blockchain analytics organization.

The loss occurred when the handler of Ulbricht's wallets mistakenly set up a liquidity pool on the Raydium exchange at the wrong price. This error led to a substantial drop in the price of ROSS, with the coin experiencing a 48.35% decline over the past seven days.

The initial mistake resulted in a loss of around $1.5 million. However, the handler repeated the same error, causing an additional loss of $10.5 million. The repeated errors led to a severe drop in the ROSS market, with the price falling by 90%. Despite the losses, Ulbricht's wallets still hold at least 10% of the total supply of ROSS.

Ulbricht gained notoriety in the cryptocurrency sector after being convicted for running the Silk Road online black market, which used Bitcoin for payments. In 2015, he was sentenced to a double life sentence plus 40 years. His family launched campaigns, such as FreeRoss.org, to demand his release, receiving support from the crypto community. Ulbricht was pardoned by former US President Donald Trump on January 22, 2021.