Silk Road founder Ross Ulbricht lost $12 million on Pump.fun while attempting to liquidate donated ROSS tokens. He received only $600,000 for these assets, although he still retains 10% of the supply.

This incident illustrates how much the crypto space has changed since Ulbricht was last active. Compared to the Silk Road, Pump.fun and meme coins are new paradigm of speed and chaos.

Ulbricht’s Rude Awakening on Pump.fun

According to blockchain analysis firm Arkham Intelligence, Ross Ulbricht just lost $12 million on Pump.fun. Ulbricht, founder of the Silk Road, became a popular figure among the crypto community due to his passion for Bitcoin and his decade-long imprisonment.

After Donald Trump pardoned him upon taking office, community figures began donating money to support his reintegration into society.

One of these donations illustrates just how much the crypto space has changed in the last ten years. An anonymous developer created a ROSS meme coin on the Pump.fun launchpad and gave Ulbricht half the supply.

However, when trying to liquidate it, he unintentionally cratered its value with disastrous consequences.

“Ross Ulbricht’s Solana donation address received 50% of the supply of ROSS from the developer last week. Ross tried to add single-sided liquidity to sell the coins off passively, but accidentally created a pool with Raydium CPMM (Constant-Product Market Maker) instead of CLMM (Concentrated Liquidity Market Maker),” Arkham claimed.

Ulbricht initialized the ROSS liquidity pool on Pump.

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Author: Landon Manning