The founder of the "Silk Road," Ross, lost approximately $12 million on Raydium due to operational errors related to his wallet

ChainCatcher news reports that, according to Arkham monitoring, Ross Ulbricht or someone with access to his wallet incurred significant losses when providing liquidity on Raydium due to incorrectly setting the initial price of the liquidity pool.

Specifically, $1.5 million (5% of the total token supply) was immediately arbitraged by MEV bots and sold off in the existing pool. Subsequently, another loss of approximately $10.5 million (35% of the total token supply) occurred in a second operation.

It is reported that Ross Ulbricht received 50% of the supply of ROSS (Ross Ulbricht Fund) tokens from developers last week. Despite losing 40% of the token supply, Ross still holds 10% of the tokens in another address and has correctly added liquidity in the Raydium concentrated liquidity pool.