Crypto Trader Faces Mindblowing $55 Million Loss From Recent Trades
27.10.2024 19:00 1 min. read Alexander Stefanov
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.
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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.
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