Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Crypto Trader Faces Mindblowing $55 Million Loss From Recent Trades

Crypto Trader Faces Mindblowing $55 Million Loss From Recent Trades

Cryptodnes2024/10/28 07:44
By:Cryptodnes

An anonymous cryptocurrency trader recently faced substantial losses, as revealed by on-chain data from Lookonchain.

The trader, known as James Fickel, incurred losses totaling 22,500 ETH, equating to approximately $55 million, through trades in the BTC / ETH pair.

Fickel initially borrowed 3,061 WBTC via the decentralized platform Aave and exchanged them for 56,445 ETH between January and July.

During this period, the conversion rate was approximately 0.05424. After August 7, he invested $12 million in USDC to acquire 211 WBTC and traded 47,476 ETH for 1,888 WBTC, valued at $113.5 million, to settle his Aave debt.

READ MORE:
Microsoft’s Interest in Bitcoin is a Turning Point for Corporate Investment – Anthony Pompliano

Currently, Fickel owes 980 WBTC on Aave, valued at around $132 million, resulting in total losses of $55 million. Notably, a review of his cryptocurrency wallet shows that he holds no other digital assets.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!