Cardano wallet lost $6 million.

A Major Transaction Occurred on Cardano

A dormant Cardano wallet executed a transaction resulting in a loss of $6 million. This transaction occurred due to excessive slippage. The wallet transferred 847,695 USDA in exchange for 14.4 million ADA.

Sudden Increase in Stablecoin Price

Following the transaction, a temporary increase in the price of USDA stablecoin was observed. This situation highlights the risks associated with making large transactions in illiquid markets when slippage controls are not implemented.