A crypto trader mistakenly swapped 1,126.44 ETH worth $2.01 million for only 5,776 Lighter (LIT) tokens valued at $14,208, losing nearly $2 million in one transaction. The error occurred as LIT surged 53% weekly and entered Coingecko's top trending list, but the trade was executed at roughly 140 times the market price due to thin liquidity and no slippage protection. Lighter recently started a buyback-and-burn program, boosting token demand, but its limited circulating supply and shallow onchain liquidity pools make large trades risky. This incident highlights the dangers of trading illiquid tokens without safeguards, with recovery of lost funds unlikely.
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