Cardano founder Charles Hoskinson has responded to criticism about his reluctance to attract a top-tier stablecoin to the blockchain
Tempers have flared within the Cardano community after an unidentified whale lost more than $6 million while swapping ADA for the USDA stablecoin.
User Loses $6M Swapping ADA for USDA
As reported by The Crypto Basic, a wallet that had been dormant for five years suddenly became active and exchanged 14.4 million ADA for US Dollar Anzens (USDA), a Cardano-based stablecoin.
However, instead of receiving the expected $6.9 million worth of USDA, the trader ended up with just 847,696 USDA, resulting in a staggering loss of approximately $6.05 million. Multiple sources have attributed the incident to the user interacting with an illiquid liquidity pool and opting for a lesser-known stablecoin, which caused severe slippage during the swap.
Cardano Fan Calls Out Hoskinson
Notably, Cardano community members have expressed mixed reactions to the development. Some users blamed the trader for overlooking clear indicators that the swap would return far less value, while others directed their frustration at Hoskinson.
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