An anonymous cryptocurrency trader recently suffered significant losses, according to on-chain data from Lookonchain.
The trader, identified as James Fickel, incurred losses amounting to 22,500 ETH, equivalent to approximately $55 million, through trades in the BTC/ETH pair.
Fickel initially borrowed 3,061 WBTC using 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 obtain 211 WBTC and traded 47,476 ETH for 1,888 WBTC, valued at $113.5 million, in order to settle his Aave debt.
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Currently, Fickel still owes 980 WBTC on Aave, valued at around $132 million, resulting in total losses of $55 million. Interestingly, a review of his cryptocurrency wallet reveals that he does not hold any other digital assets.
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