5-year Cardano hodler loses 90% of $6.9M ADA in bungled swap

A Cardano holder mistakenly turned $6.9 million worth of ADA into $847,695 million worth of a little-known stablecoin after using a highly illiquid trading pool.

A five-year Cardano holder accidentally torched more than $6 million in ADA after using an illiquid trading pool to facilitate a stablecoin swap.

The trade, first noted by blockchain sleuth ZachXBT on Sunday, saw 14.4 million Cardano (ADA) tokens worth $6.9 million swapped for 847,695 of the US dollar Anzens (USDA) stablecoin, resulting in a loss of approximately $6.05 million.

The Cardano user — with wallet address “addr…4x534” — appeared to make a test transaction of 4,437 ADA for a US dollar stablecoin with the ticker USD at 4:06 pm UTC on Sunday, just 33 seconds before the multimillion-dollar swap to USDA.

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