Cardano Wallet Suffered a $6 Million Loss

A Major Transaction Occurred on Cardano

A dormant Cardano wallet executed a transaction that resulted 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 Rise in Stablecoin Price

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