A trader with the nickname - Crypto Nerd opened a long position on the asset PEPE for 1 million USDT.
On the night of April 12-13, he lost all his funds due to a 19% decline in assets.
A social network user X (formerly Twitter) with the nickname Crypto Nerd has claimed that he has lost all of his crypto savings. This was due to a spike in volatility in the digital asset market on the night of April 12-13, 2024.
According to the trader, he lost $1 million in USDT in the process of trading Pepecoin (PEPE). A user opened a long position with 3X leverage on the Binance cryptocurrency exchange.
On the morning of April 13, 2024, the trader discovered that his financial status report showed a loss of 100% of funds in the amount of $1,148,487. This happened after liquidating the said position caused by a 19% drop in the price of Pepecoin, according to TradingView.
The user claims to have lost all assets and has less than $1,000 in his bank account. At the same time, Crypto Nerd noted a long experience of trading on the crypto market. It claims to have been involved in digital asset transactions since 2017.
Later, in a series of his posts, the trader stated that greed had destroyed him. He emphasized the presence of many signals that indicated the need to withdraw funds. However, the user ignored them.
The X social network community supported a trader who had crashed. Some users shared their stories of failure, and some noted that difficulties provide valuable experience.
At the same time, some members of the community pointed out oddities in the story of Crypto Nerd. In their opinion, an experienced trader would not risk all assets, violating the rules of safe transactions in the market. They believe that the user is either a troll or deserves such an outcome given the short-sighted decisions
Let me remind you that on the night of April 12-13, 2024, Bitcoin showed a sharp decline, dropping to $65,133 at the moment. The altcoin sector also faced a significant collapse in quotations. Against this background, the volume of liquidations on the crypto market reached $937 million.
So friends, don't forget about risk management when trading and try to trade for 1-10% of your deposit to avoid getting into this mess.
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