A five-year Cardano holder was unwittingly torched over $6 million in ADA after using an unsolicited pool to facilitate a stablecoin swap.
The trade, first mentioned by blockchain sleuth zachxbt on Sunday, saw 14.4 million Cardano (ADA) tokens worth $6.9 million replaced For 847,695 US Dollar Anzens (USDA) StableCoin, resulting in a loss of approximately $ 6.05 million.
The Using cardano – with wallet address “addr … 4×534” – appeared to make a test The transaction of 4,437 ADA for one US Dollar StableCoin with the ticker USD at 4:06 PM UTC on Sunday, just 33 seconds before the multimillion-dollar USDA exchange.
Before that, the Cardano wallet address has become dormant As of September 13, 2020.
Avoid larger transfers to a small pool of liquidity at all costs
The odd trade highlights the importance of switching to liquid crypto pools – especially large orders that can significantly affect prices – to avoid unfavorable execution rates.
The transaction appeared to have contributed to Anza climbing to around $1.26 before falling to $1.04 at the time of writing, Coingecko Data out.
Is the fat-finger USDA businessman?
It is not known if the Cardano user intends to buy the little-known StableCoin, which has a market cap of only $10.6 million.
The blockchain data indicates that the crypto trader had never held USDA stableCoin prior to that transaction.
Related: Crypto bottoms ‘rarely happen’ when everyone says they do: Santiment
Fat-Finger Transactions In crypto can potentially move the markets.
Last month, StableCoin Issuer Paxos accidentally Minted 300 trillion of PayPal USD (PYUSD) StableCoin before burning the entire amount about 22 minutes later.
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