Ross Ulbricht-linked crypto wallets appear to shed $12 million in value on Raydium: Arkham

Correction (Jan. 30, 20:45 UTC): The events below took place on Raydium, not Pump.fun, though it involved a coin created on Pump.fun. 

Crypto wallets linked to the recently pardoned Silk Road creator Ross Ulbricht appear to have shed $12 million in value on Raydium, according to Arkham Intelligence. 

"Ross Ulbricht, or someone with access to his wallets, just accidentally nuked the price of a Pump.fun coin sent to him while trying to provide liquidity on Raydium," Arkham said in a post. "Because he initialized the liquidity pool at the wrong price, $1.5 million of the token (5% supply) was instantly taken by a MEV Bot, then sold into the existing pool. Then he did it again and he lost another $10.5 million (35% supply)."

According to Arkham, an Ulbricht Solana donation address "received 50% of the supply of ROSS (Ross Ulbricht Fund) from the developer last week." A little more than a week ago, President Donald Trump issued a full and unconditional pardon to Ulbricht, a hero to many in the world of crypto.

Ulbricht served 11 years of his multiple life sentences for creating and operating Silk Road. He was convicted in 2015 for engaging in a continuing criminal enterprise, distributing narcotics, conspiring to distribute narcotics and conspiring to commit money laundering, among other charges.

"The MEV Bot that took the coins managed to sell them off for over $600,00, sending the price down -90% in the process," Arkham said Thursday. "Despite losing 40% of the supply, Ross still holds 10% of the token in a separate address."