Machi Big Brother sold 18.4M BLUR tokens, resulting in a $3.16M loss.
BLUR dropped 7%, and trading volume surged 81%, hitting $0.1595.
Jeffrey Huang, popularly known as Machi Big Brother, a former musician, and prominent NFT player, recently dumped all his BLUR tokens at a $3.16M loss. Over the past 24 hours, he deposited 18.4M BLUR ($3.13M) to Binance, causing a price drop with each deposit.
Machi Big Brother’s other holdings aren’t faring well either. He holds 275M BLAST ($4.45M) with an estimated loss of $1.5M and 8.8M FRIEND ($1.71M) with an estimated loss of $13.8M. BLUR is down 7% in the past 24 hours, with trading volume up 81%, hitting a one-week low of $0.1595.
Machi Big Brother (@machibigbrother) has allegedly dumped all $BLUR at a $3.16M loss!In the past 24 hours, he deposited all 18.4M $BLUR ($3.13M) to #Binance, causing the price to drop after each deposit!Note that his other notable holdings are not doing well either!… pic.twitter.com/fF8jH81jT4
— Spot On Chain (@spotonchain) July 12, 2024
More Losses Ahead?
Three days ago, FRIEND, the token for Web3 social network Friend.tech, dropped 27.18%. This followed co-founder Racer’s public desire to leave Base, the Ethereum Layer-2 network hosting the project. Racer posted on X, “System design bounty: If you can figure out a way to migrate friend.tech off of Base without causing major issues for users, and it works well enough that we decide to use it, we will pay you $200K.”
Additionally, Blast, a Layer 2 blockchain, recently distributed 17% of its token supply to those who farmed points by staking ETH earlier this year. The token debuted at around $0.03, with an initial fully diluted market cap of $3 billion, according to Ambient Finance.
Huang’s portfolio, reflecting losses in BLUR, BLAST, and FRIEND, underscores the high volatility and risk in the cryptocurrency market. Analysts take on the perspective that his recent financial setbacks demonstrate that even seasoned investors face significant challenges.
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