– A crypto trader holding 22,341 Ether sold the assets days before the market crash, avoiding a potential loss of over $5 million.
– The trade was flagged by the blockchain analysis platform Lookonchain.
– The trader deposited 22,341 ETH to the Binance exchange and withdrew around $41 million in Tether (USDT).
– While the trader lost around $1.7 million in value, they managed to avoid further potential losses when the market prices dropped.
– On Aug 18, crypto’s market capitalization dropped by 6% to $1.1 trillion, the lowest level in at least two months.
– Ether dropped from around $1,820 per token to about $1,597 in a day.
– Bitcoin dropped from about $28,400 to $25,649 before making a recovery.
– The market crash followed a report that Elon Musk’s SpaceX wrote down $373 million worth of BTC.
– It remains unclear whether the entire holdings were sold or not.
– Some users criticized Musk on social media for his actions.