Crypto Investors Suffer Heavy ETH Losses on BTC/ETH Long Trade
Publication Time:2024-09-14 15:11:09
New data reveals that James Fickel incurred substantial losses following complex crypto borrowing and trading activities. Specifically, Fickel borrowed 3,061 Wrapped Bitcoins (WBTC) worth approximately $172 million from the Aave platform, converting them into 56,445 ETH at a lower rate. However, since August 7th, he has been purchasing 211 WBTC with 12 million USDC, exchanging 16,000 ETH for 671 WBTC to settle his debt with Aave. These actions resulted in an accumulated debt of 2,196 WBTC on the Aave platform, with a total loss of around 18,000 ETH, equivalent to approximately $43.7 million. This incident serves as a reminder to investors to exercise caution in the crypto market, particularly when using leverage and engaging in complex transactions.
Long Strategy
Crypto Investment
ETH loss
BTC/ETH trading pair