As per The Crypto Basic, a Cardano whale who had been dormant for over five years lost approximately $6.05 million in a single trade. The user, with wallet address 'addr1qy,' swapped 14.4 million ADA tokens for 847,696 USDA stablecoins, retaining only 10% of the ADA's value. The transaction, which took place on Sunday, marked the user's first on-chain activity since September 2020. The loss is attributed to the trader's use of an illiquid pool and a lesser-known stablecoin, which caused a price spike in USDA. The trader also executed a test transaction shortly before the large swap, raising the possibility of a 'fat finger' error. The incident highlights the risks of executing large trades on low-liquidity pools.
Cardano Whale Loses $6.05M in Single Trade After 5-Year Dormancy
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