Andrew Kang lost approximately $432,000 on August 18 after trading with up to 100x leverage.
Lookonchain revealed that Andrew Kang (Co-Founder of the crypto-focused venture capital firm Mechanism Capital) lost over $430,000 in a single day after the recent crash of the digital asset market liquidated his long positions.
Kang’s positions opened on August 18 included Bitcoin (BTC), Ethereum (ETH), and Arbitrum (ARB), as he traded with up to 100x leverage.
However, he lost all 14 long trades that day due to the market crash and his risky strategy. The total losses equaled approximately $432,000.
Some X (Twitter) users commented below the post that trading with such high leverage is equal to gambling, warning investors to be more careful when entering the ecosystem.
As CryptoPotato previously reported, the crypto market crash, more specifically bitcoin’s plunge to as low as $25,300 at the end of last week, triggered nearly $1 billion in liquidations.
Still, the largest single liquidation took place on an ETH-BUSD trade on Binance, wiping out a trader for over $55 million.
Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.