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2h ago

Dormant Cardano Wallet Loses $6 Million in Illiquid USDA Stablecoin Swap

A market-style swap into a thin pool filled above $8 per token, showing how size without slippage limits can erase value.

Statue fingers. (Couleur/Pixabay)
Cardano wallet activates after 5 years and loses $6 million in disastrous ADA-to-USDA swap
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Overview

  • The wallet exchanged 14.4 million ADA, worth about $6.9 million, for 847,695 USDA on Cardano decentralized exchanges.
  • USDA’s price spiked to nearly $1.26 before easing to around $1.04 as liquidity normalized, CoinGecko data show.
  • CoinDesk calculates the realized loss at roughly $6.05 million after execution far above the stablecoin’s $1 peg and its roughly $10.6 million market cap.
  • On-chain investigator ZachXBT flagged the trade, which came from an address inactive since September 2020.
  • Blockchain records indicate a 4,437 ADA test transaction occurred about 33 seconds before the large swap, and the user’s intent remains unconfirmed.