ZachXBT, one of the well-known on-chain researchers in the cryptocurrency market, brought up a remarkable whale case in the Cardano (ADA) ecosystem.
According to the information he provided, a wallet that had been dormant for about five years suffered millions of dollars in losses due to a large-scale swap transaction.
According to ZachXBT, a whale holding a large amount of Cardano traded 14.4 million ADA ($6.9 million) for 847,000 USDA, Cardano’s dollar-pegged stablecoin, about two hours ago. However, low liquidity caused the price to skyrocket, causing the whale to lose $6.05 million during the trade.
The on-chain analyst described this transaction as the “bad luck of the month,” highlighting how uncontrolled movement of huge balances in low-liquidity pools can lead to huge losses.
According to Onchain data, the Cardano-based USDA stablecoin currently has a circulating supply of 10 million tokens.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/unluckiest-whale-of-the-year-lost-6-million-while-trying-to-buy-stablecoins/
