ZachXBT, a well-known on-chain researcher in the cryptocurrency market, recently highlighted a remarkable whale incident within the Cardano (ADA) ecosystem.
According to his report, a wallet that had been dormant for about five years suffered millions of dollars in losses following a large-scale swap transaction. Approximately two hours ago, a whale holding a substantial amount of Cardano swapped 14.4 million ADA (valued at $6.9 million) for 847,000 USDA, Cardano’s dollar-pegged stablecoin.
However, due to low liquidity in the pool, the price of USDA skyrocketed during the trade, resulting in the whale losing approximately $6.05 million on the transaction.
The on-chain analyst described this event as the “bad luck of the month,” emphasizing how the uncontrolled movement of huge balances in low-liquidity pools can lead to significant losses.
On-chain data indicates that the Cardano-based USDA stablecoin currently has a circulating supply of 10 million tokens.
*This is not investment advice.*
https://bitcoinethereumnews.com/tech/unluckiest-whale-of-the-year-lost-6-million-while-trying-to-buy-stablecoins/