Crypto Trader Faces Mindblowing $55 Million Loss From Recent Trades
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 PomplianoCurrently, 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.
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.
You may also like
Crypto Faces Ongoing Challenges Despite Pro-Crypto Shift in U.S. Leadership
Australia Seeks Public Input on Adopting Global Crypto Reporting Standards
FET breaks through $1.5
Trending news
MoreCrypto prices
More
