Ross Ulbricht, recently pardoned by Trump, lost $12 million while trying to provide liquidity on Pump.fun, mistakenly setting up the wrong liquidity pool.

Ross Ulbricht’s first hopes for clemency died when a mob of Donald Trump’s supporters stormed the U.S. Capitol. Trump had planned to commute the life sentence of the founder of the Silk Road online drug bazaar at the end of his first term,

Law enforcement said Ulbricht created the “most sophisticated and extensive criminal marketplace” on the internet.

In 2015, a federal judge in Manhattan sentenced Ulbricht to life in prison for drug trafficking, computer hacking and money laundering.

Ulbricht, who was convicted of running an anonymous online drug marketplace, became a hero to crypto-holders everywhere. What does his pardon signal for the future of the technology?

U.S. President Donald Trump on Tuesday pardoned Silk Road founder Ross Ulbricht, who was sentenced to life in prison for running an underground online marketplace where drug dealers and others conducted more than $200 million in illicit trade using bitcoin.

Ulbricht, 40, was about 10 years into his life sentence for helming an online black market where drug dealers, money launderers, and traffickers used bitcoins to mask more than $214 million in illicit trades. (Ars thoroughly documented the Silk Road saga here .)

Silk Road founder Ross Ulbricht, or someone with access to his wallets, lost $12 million in a scam involving Pump.Fun memecoin on Solana.