Ross Ulbricht has lost $ 12 million in a BOT MEV while trying to provide liquidity for the meme Ross currency on Raydium, a dex on Solana.
Some traders are really “extracting” money meme coins. Getting a piece of the market capitalization industry from $ 105 billion seems to be on the agenda.
The bad news is that on millions, even billions of RAI collected, only a small percentage of meme coins operators win. Most loses, not only because of bad voices and rugs, but sometimes to robots.
Ross Ulbricht loses money: what happened?
Arkham Intelligence analyses From 30 January reveals that Ross Ulbricht or someone with access to his wallets on Solana, has lost about $ 12 million in a failed attempt to provide liquidity for a meme coin named Ross. The meme coin, Ross, similar to Trump, has been coined on the pump.funA launchpad on Solana.
According to the Blockchain Analytics platform, Ulbricht has lost money due to a possible defect in the liquidity pool on Raydium, a Dex on Solana.
Unfortunately for him, he erroneously initialized the liquidity pool at the wrong price. This error was rapidly collected by a maximum removable value bot (Mev), allowing to instantly tidy up 1.5 million dollars of token, or 5% of the total offer and to sell them in the pool.
(Source)
Ulbricht (or the account administrator) repeated the process even after this error. However, instead of $ 1.5 million, the Bot Mev took more $ 10.5 million, or 35% of the total offer and sold it in the pool.
After this Bot sales lot, the token Ross collapsed by over 90%.
(Source)
Collect the robots of Solana and Mev?
With the prices that descend, Ross owners have lost money.
Unless Ross resumes the momentum now that Ulbricht is a celebrity and known for returning the crypto-Mainstream during the day, the token probably flat or even falls further.
The question is: Should you blame Ulbricht or Solana marauding robots?
Ulbricht could have made a mistake, but the presence of Mev robots meant that there was no time to correct the error.
Instead, Mev robots identified the opportunity to referee and make money at the expense of others.
And this is a common theme in Solana.
With the highly expanding meme coins and daily billions daily, the Mev robots are engaged (unjustly) that cut millions from all dex traders.
These robots continually scan the blockchain, taking advantage of the inefficiencies and Dex price errors such as the Raydium. Once you have chosen an error, they perform in front of users, extracting value from them.
For example, in 2024, a trader erroneously bought WIF at $ 3 while the token was mistaken for $ 0.20. A BOT MEV identified the error and immediately capitalized this error.
Reports show that Jito Labs, a flashbot operator, leads Mev operations to Solana. In 2024, they generated almost $ 500 million cumulatively on the solana alone.
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