ZachXBT, one of the well-known on-chain researchers in the cryptocurrency market, highlighted a remarkable whale case in the Cardano (ADA) ecosystem. According to the information he provided, a wallet that had been dormant for about five years suffered millions of dollars in losses due to a large-scale swap transaction.
According to ZachXBT, a whale holding a large amount of Cardano traded 14.4 million ADA ($6.9 million) for 847,000 USDA, Cardano’s dollar-pegged stablecoin, about two hours ago. However, low liquidity caused the price to skyrocket, and the whale lost $6.05 million during the trade.
The on-chain analyst described this transaction as the “bad luck of the month,” highlighting how uncontrolled movement of huge balances in low-liquidity pools can lead to huge losses.
According to on-chain data, the Cardano-based USDA stablecoin currently has a circulating supply of 10 million tokens.
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