{"id":137250,"date":"2024-09-15T10:00:53","date_gmt":"2024-09-15T07:00:53","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=137250"},"modified":"2024-09-15T01:12:49","modified_gmt":"2024-09-14T22:12:49","slug":"top-crypto-investor-loses-40m-after-risky-defi-bets","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/top-crypto-investor-loses-40m-after-risky-defi-bets\/","title":{"rendered":"Top Crypto Investor Loses $40M After Risky DeFi Bets"},"content":{"rendered":"
Fickel\u2019s investment strategy involved betting on Ethereum (ETH<\/a><\/strong>) while shorting Bitcoin (BTC<\/a><\/strong>). He achieved<\/a><\/strong> this by borrowing Wrapped Bitcoin (wBTC) via Aave and converting it into Ethereum. From January 10 to July 1, he borrowed 3,061 wBTC, worth about $172 million, and exchanged it for 56,445 ETH. According to reports, the average exchange rate during this period was about 0.054 wBTC per ETH.<\/p>\n However, since early August, Fickel has been closing out this position, repaying his debt with a substantial loss. He repurchased 882 wBTC using $12 million in USDC<\/a> <\/strong>and 16,000 ETH valued at around $39.9 million, achieving an average rate of 0.042 ETH\/BTC. His remaining wBTC debt on Aave now totals 2,196 wBTC, valued at over $132 million, indicating a loss of approximately $43.7 million.<\/p>\n Despite these losses, Fickel\u2019s overall crypto holdings remain significant<\/a><\/strong>, primarily in ETH derivatives, signaling his ongoing involvement in the Ethereum network. Recent data shows his net worth near $400 million, though this reflects a decline of more than $46 million compared to earlier this year.<\/p>\n