'Fat-Finger' Fail? Cardano Whale Torches $6M After Hitting Illiquid USDA Pool
CoinDesk
A dormant Cardano whale lost over $6 million swapping ADA for an illiquid stablecoin, USDA, due to extreme slippage.Summary
A dormant Cardano wallet, inactive since September 2020, executed a massive swap on Sunday, exchanging 14.4 million ADA (worth about $6.9 million) for only 847,695 USDA, a little-known Cardano-native stablecoin. This transaction resulted in a loss of approximately $6.05 million because the USDA pool was highly illiquid, causing the price to spike to over $8 per USDA during the execution, far above its intended $1 peg. The incident serves as a critical reminder for large traders to avoid illiquid pools and always implement slippage checks when using automated market makers, as on-chain execution is unforgiving to large, aggressive orders.
(Source：CoinDesk)