🚨 Cryptocurrency tycoon loses $43 million in gamble!
Cryptocurrency millionaire James Fickel suffered a heavy blow due to his bold investment in Ethereum! Although he had earned rich returns with his early accurate investment in Ethereum, this high-risk bet did not pay off.
According to Lookonchain data, this investment tycoon has lost $43 million since January 10 and now has a total debt of $132 million.
The story begins in January, when Fickel was convinced that Ethereum would surpass Bitcoin in 2024. To verify this bet, he borrowed $172 million of Wrapped Bitcoin (WBTC) from the decentralized lending platform Aave and then exchanged it for a large amount of Ethereum.
But unexpectedly, this year is not so good for Ethereum. Although the spot Ethereum ETF has also entered the US market, it has never been able to keep up with the pace of Bitcoin ETF in terms of capital inflows.
Since January 11, ETH has fallen more than 34% against BTC, and it looks like it will continue to fall. The value of Fickel's Ethereum has continued to shrink, while his debt has snowballed.
By August 7, Fickel realized that the situation was not good and began to repay his debt to Aave with USDC and ETH. But even so, he still owes Aave about $132 million.
However, don't forget that Fickel is one of the largest individual holders of Ethereum, with a net worth of more than $400 million. He boldly bought Ethereum when it was only $0.80 per coin, which laid a solid foundation for his later wealth.
Currently, the price of Ethereum is around $2,300, while the price of Bitcoin is $58,500. Although both cryptocurrencies have risen recently, Bitcoin's overall rise is still far greater than Ethereum.
🗣️ In the field of investment, risks are everywhere, and even experienced investors cannot escape the possibility of failure. We should learn from the experience of others, make investment choices carefully, and avoid simply chasing high returns while ignoring the importance of risk control.
💬 So, how do you manage your investment risks? Share your investment experience and let’s learn together how to better control risks while pursuing returns!
