Right here is How A lot He Misplaced

Lookonchain revealed that Andrew Kang (Co-Founding father of the crypto-focused enterprise capital agency Mechanism Capital) misplaced over $430,000 in a single day after the current crash of the digital asset market liquidated his lengthy positions.

• Kang’s positions opened on August 18 included Bitcoin (BTC), Ethereum (ETH), and Arbitrum (ARB), as he traded with as much as 100x leverage.
• Nevertheless, he misplaced all 14 lengthy trades that day as a result of market crash and his dangerous technique. The entire losses equaled roughly $432,000.

Andrew Kang went lengthy $BTC, $ETH, and $ARB after the market crash on Aug 18.

However each lengthy place was liquidated as a result of he used as much as 100x leverage.

He was liquidated 14 instances in complete and misplaced ~$432Okay in only one day. pic.twitter.com/6P9j6SRDK1

— Lookonchain (@lookonchain) August 21, 2023

• Some X (Twitter) customers commented beneath the publish that buying and selling with such excessive leverage is the same as playing, warning buyers to be extra cautious when getting into the ecosystem.
• As CryptoPotato beforehand reported, the crypto market crash, extra particularly bitcoin’s plunge to as little as $25,300 on the finish of final week, triggered practically $1 billion in liquidations.
• Nonetheless, the biggest single liquidation befell on an ETH-BUSD commerce on Binance, wiping out a dealer for over $55 million.