Пятилетний спящий кошелек Cardano стал причиной шокирующей потери в $6 млн за мгновение Translation: A five-year sleeping Cardano wallet causes shocking $6 million loss in an instant

A dormant Cardano wallet that had been inactive for five years suddenly came to life and mistakenly exchanged 14.4 million ADA for the stablecoin Anzens (USDA) through an illiquid pool. The incident was highlighted by blockchain investigator ZachXBT.

The user executed the transaction in two phases: first, a test transfer of 4,437 ADA, followed by the main exchange of 14.4 million ADA valued at $6.9 million just 33 seconds later. The low liquidity of the stablecoin pool caused a dramatic price spike of the asset—from $1.03 to $4.80.

As of this writing, the price of USDA stands at $1.03.

Ultimately, the Cardano holder incurred a loss of $6.05 million. ZachXBT dubbed him the «on-chain clown of the month.» Prior to this event, the wallet had been inactive since September 13, 2020.

Remarkably, the funds originated from the genesis block of the network, which was created on September 23, 2017, as discovered by a user with the alias bobcorn.

The community showed little sympathy for the affected user. Critics condemned Cardano for its lack of a developed infrastructure for stablecoins and the project’s inadequate support for them.

«Such incidents shouldn’t occur—they can paralyze the entire market for DeFi in the Cardano ecosystem!» wrote a developer under the name dori.

A community member known as Cardano YODA also emphasized the significance of stablecoins in the decentralized finance sector, urging the blockchain platform’s leadership not to delay decision-making.

«The bull market has lasted for a year, yet we can’t direct even a few tens of millions into DeFi. We urgently need to restore governance functionality: select a new council member and approve a proposal on the blockchain. […] We are creating advanced technologies, but without users, liquidity, and volumes, we have no chance of standing out among competitors,» the user stated.

The Anzens team behind USDA echoed a similar sentiment in a statement regarding the incident.

«This case demonstrates the demand for stablecoins in the Cardano ecosystem. We urge the community to participate in building liquidity for native fiat-pegged coins on Cardano,» the developers remarked.

As of now, there are 11 stablecoins operating within the Cardano ecosystem, six of which have been issued on the network itself. The total market capitalization of stablecoins amounts to $39 million.

For comparison, Ethereum’s stablecoin market capitalization exceeds $165 billion, while Solana’s stands at $13 billion.

It’s worth recalling that in August, ZachXBT referred to Cardano’s operational model as a «scheme for enriching insiders.»