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Pepe Pepe (PEPE) $0.00 ↓ -3.19%
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Bittensor Bittensor (TAO) $372.11 ↓ -4.42%
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Mantle Mantle (MNT) $1.00 ↓ -2.07%
NEAR Protocol NEAR Protocol (NEAR) $2.68 ↓ -3.15%
Ondo Ondo (ONDO) $1.01 ↓ -1.63%
Pi Pi (PI) $0.40 ↑ 2.85%
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Internet Computer Internet Computer (ICP) $5.51 ↓ -2.45%
OKB OKB (OKB) $46.47 ↑ 0.35%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↓ -1.13%
Kaspa Kaspa (KAS) $0.09 ↓ -1.97%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -1.31%
Arbitrum Arbitrum (ARB) $0.45 ↓ -2.48%
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Home Cryptocurrency

James Fickel Faces $43.7M Crypto Loss After High-Risk Bitcoin and Ethereum Trades

András Crow-Hreidar by András Crow-Hreidar
14 September 2024
in Cryptocurrency
Reading Time: 3 mins read
0
financial loss in the cryptocurrency market with a large red graph dropping sharply Bitcoin BTC and Ethereum

In the ever-volatile world of cryptocurrency, where fortunes can be made or lost in the blink of an eye, the case of investor James Fickel stands out. Fickel recently suffered a jaw-dropping $43.7 million loss after his long position on Bitcoin and Ethereum turned disastrous. His risky strategy, which involved borrowing assets and trading at the wrong time, highlights the dangers of large-scale altcoin transactions in an unpredictable market.

Table of Contents

Toggle
  • High-Stakes Altcoin Trades
    • YOU MAY BE INTERESTED
    • PENGU Breakout Could Trigger 500% Rally: Analysts Eye $0.70 Peak
    • BNB Price Prediction Soars as Nasdaq-Listed Company Acquires $160M
  • Market Turmoil: BTC and ETH Slide While Altcoins Surge
  • Attempts to Recover: August Trades and Debt Repayment
  • Current Situation: Still Holding Significant WBTC

High-Stakes Altcoin Trades

Fickel’s financial troubles began between January 10 and July 1, when he executed a series of large-scale trades. Utilizing the AAVE platform, Fickel borrowed 3,061 Wrapped Bitcoin (WBTC), valued at approximately $172 million at the time. He then swapped these WBTC for 56,445 Ethereum (ETH) at an average exchange rate of 0.054 ETH per Bitcoin.

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The market conditions seemed favorable then, and Fickel’s strategy appeared sound. However, the highly volatile nature of the cryptocurrency market and the shifting price dynamics between Bitcoin and Ethereum soon turned the tide against him.

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Market Turmoil: BTC and ETH Slide While Altcoins Surge

During this period, the drastic price fluctuations in Bitcoin and Ethereum eroded Fickel’s position, leading to significant losses. As the value of these major cryptocurrencies plummeted, some altcoins saw notable gains, but unfortunately for Fickel, his portfolio was heavily weighted in the wrong direction.

James Fickel(@jamesfickel) lost ~18,000 $ETH($43.7M) by going long the BTC/ETH trading pair!

From Jan 10 to July 1, he borrowed 3,061 $WBTC(172M) from #Aave and exchanged it for 56,445 $ETH at a rate of 0.05424.

Since Aug 7, he spent 12M $USDC to buy 211 $WBTC and exchanged… pic.twitter.com/9DgLjisPgp

— Lookonchain (@lookonchain) September 14, 2024

“James Fickel faces $43.7M loss after betting big on Bitcoin and Ethereum.” – TurkishNY Radio

Attempts to Recover: August Trades and Debt Repayment

Fickel didn’t stop at his initial losses. To recover, he initiated new trades starting on August 7. He spent $12 million USDC to acquire 211 WBTC and used 16,000 ETH to purchase 671 WBTC for $39.9 million, paying an average of 0.042 ETH per WBTC. The aim was to use these assets to pay down his debt on the AAVE platform.

Despite these efforts, Fickel’s gamble didn’t pay off. The continued volatility in Ethereum prices and the instability of the broader market left him with further losses. In total, he lost 18,000 ETH, culminating in a staggering $43.7 million deficit.

of cryptocurrency trading showing a dramatic financial loss with red charts falling and Bitcoin BTC

Current Situation: Still Holding Significant WBTC

Despite his substantial losses, Fickel still holds significant crypto assets. As of his last reported transactions, he owns 2,196 WBTC, valued at around $132 million. However, much of this is still tied up in debt, and he will need to execute further trades to settle his outstanding loans with AAVE.

While Fickel’s case may be extreme, it serves as a reminder of the risks involved in crypto, particularly when dealing with borrowed assets. Large and small investors should exercise caution and carefully manage their exposure to market volatility.


Disclaimer: The content provided here is for informational purposes only and should not be considered financial advice. Cryptocurrency investments are inherently risky, and readers must consult a professional before making investment decisions.

Tags: AAVE platformAltcoin tradingbitcoinethereumJames Fickel
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András Crow-Hreidar

András Crow-Hreidar

Editor-in-chief, Content Editor Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.

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