Cardano holder who has been using the stablecoin exchange for 5 years, accidentally blew up more than 6 million ADA in an illiquid trade pool.
Trade, First noted ZachXBT, a blockchain detective on Sunday saw 14,4 million Cardano tokens (ADAs) worth $6.9 millions swapped For 847,695 US Dollar Anzens stablecoins (USDA), a loss was estimated at approximately $6,05 million.
It is important to note that the word “you” means “you”. Cardano user — with wallet address “addr…4×534” — appeared to make a test The transaction took place at 4:06pm UTC Sunday. It was just 33 second before USDA made the swap of millions.
Cardano wallet addresses had been dormant Since Sept. 13, 2021
At all costs, avoid larger transfers of small liquid pools
The bizarre trade highlights the importance of swapping in liquid crypto pools — particularly large orders that can significantly impact prices — to prevent unfavorable execution rates.
CoinGecko reports that this transaction may have helped ANZA to reach a high of nearly $1.26 and then fall back to a low of $1.04, at the moment when CoinGecko wrote its report. data shows.
Was the USDA fat-fingered by this trader?
Cardano’s user may not have intended to purchase the stablecoin. It has a small market capitalization of $10.6 million.
The blockchain data shows that before this transaction, the trader never held USDA stablecoin.
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Fat-finger transactions Crypto can have a significant impact on the market.
Paxos stablecoins issued by Paxos was accidentally credited with a large amount of money last month. minted 300 trillion Burn the PayPal USD stablecoin (PYUSD), and then burn the remaining amount approximately 22 minutes later.
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Source: cointelegraph.com
