Infamous Whale Lost $55 Million on His Recent Cryptocurrency Trades – Here’s the Story of the Failure

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Bitcoinsistemi2024/10/27 15:00

By:Mete Demiralp

A crypto whale lost $55 million from his latest trades, according to onchain data.

According to cryptocurrency onchain data, an anonymous crypto trader with a sizable fortune suffered significant losses in his recent trades.

According to data provided by Lookonchain, trader James Fickel opened a long position in the BTC/ETH pair, incurring a total loss of 22,500 ETH, or $55 million.

The data shows that Fickel borrowed 3,061 WBTC on decentralized cryptocurrency platform Aave and traded them for 56,445 ETH between January 10 and July 1. At the time of the swap, the parity was at 0.05424.

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Since August 7, he spent $12 million in USDC to buy 211 WBTC and exchanged 47,476 ETH for 1,888 WBTC, equivalent to $113.5 million, which he then used to pay off his debt on Aave.

As a result, Fickel currently owes 980 WBTC on Aave, worth $132 million, and has lost a total of $55 million to date.

When Fickel's cryptocurrency wallet is examined, it is noteworthy that he does not hold any other cryptocurrencies.

*This is not investment advice.

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.

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