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Home»ALTCOIN NEWS»Crypto Whale Tries to Leverage Long Ethereum (ETH) Twice, Losing $4,500,000: Lookonchain
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Crypto Whale Tries to Leverage Long Ethereum (ETH) Twice, Losing $4,500,000: Lookonchain

By Crypto FlexsApril 17, 20242 Mins Read
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Crypto Whale Tries to Leverage Long Ethereum (ETH) Twice, Losing ,500,000: Lookonchain
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A cryptocurrency whale recently lost more than $4.5 million while trying to buy Ethereum (ETH) twice, according to digital asset tracker Lookonchain.

Look on chain note The whale lost $500,000 on its first attempt to buy a leading smart contract platform, and much more on its second attempt.

“This whale sold all 10,701 ETH ($33 million) on Binance two hours ago to pay off its debt, and again lost over $4 million!

He bought ETH by depositing ETH into Compound and borrowing USDT to buy more ETH.”

COMP is a decentralized lending platform.

Look on chain note Other whales are accumulating Ethereum. One person withdrew 10,000 ETH, worth $31.5 million, from Binance on Monday and staked them in Renzo, a liquid redeemable token from decentralized finance (DeFi) project Pendle (PENDLE) and EigenLayer. EigenLayer is a re-staking protocol built on ETH.

Other whales withdrew 5,282 ETH worth $48.2 million from cryptocurrency exchanges Binance and OKX on Monday.

At the time of writing, ETH is trading at $3,093. The second-largest cryptocurrency asset by market capitalization fell nearly 12% last week and more than 14% last month.

Ethereum is also down more than 36% from its all-time high of $.According to CoinGecko, it was set at 4,878 in November 2021.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Image created: DALLE3

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