Cardano wallet activates after 5 years, loses $6 million in disastrous ADA-to-USDA swap
Key Takeaways
- A dormant Cardano wallet lost over $6 million in a low-liquidity ADA-to-USDA swap.
- The wallet had not been active for five years before the disastrous transaction.
A Cardano wallet holder lost over $6 million today in a disastrous swap after five years of inactivity, according to on-chain data reported by ZachXBT.
The holder exchanged 14.4 million ADA tokens, valued at $6.9 million, for 847,000 USDA. USDA is a Cardano native stablecoin launched by Anzens designed for fast, low-cost global payments and cross-border transactions in the Cardano ecosystem.
The massive loss occurred due to low liquidity in the trading pool, which led to a temporary spike in price during the transaction.
The transaction highlights risks associated with trading large amounts of crypto assets in pools with insufficient liquidity, where sizable orders can dramatically impact prices and result in unfavorable execution rates.
ADA was trading at $0.48 at press time, down 5.5% in the last 24 hours, CoinGecko data shows.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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