Cryptocurrency millionaire lost $40 million in leveraged transactions

James Fickel, who is known to have invested Ether at $0.80, lost over $40 million with the long (long) positions he opened.

Crypto millionaire James Fickel, who is known to have a fortune of at least $400 million, has lost $40 million since January.

According to the information shared by Lookonchain, Fickel has opened long (long) positions to Ether against Bitcoin since the beginning of this year. From January 10 to July 1, he used a loan of 3 thousand 61 WBTC (about $172 million) from Aave to convert them to 56 thousand 445 ETH. The average rate of ETH/BTC during transactions was 0.05424 WBTC. So 1 ETH was 0.05424 WBTC.

In the following months, ETH depreciated against BTC and fell to 0.0042. Fickel has started to close his position with damage since August 7. It was determined that the current total loss is 18 thousand ETH (approximately 43.7 million dollars).

He invested in ETH when it was $0.80

Fickel, who is 32 years old, invested 400 thousand dollars in Ether when the price was only 0.80 dollars. There are 400 million dollars worth in the wallets determined today.