Crypto Trader Turns $125,000 into $43 Million Only to Lose It in Two Days

The Lookonchain platform, specialized in tracking the movements of major cryptocurrency wallets, reported that a trader started his journey with a modest amount of $125,000, which he managed to turn into over $43 million, thanks to his bold bets on Ethereum.

However, after withdrawing a net profit of $7 million on August 18, he decided to return once more. But this time, his return was disastrous, as he opened new trading positions on Ethereum. When the price of Ethereum suddenly collapsed, all of his positions were liquidated, and he lost $6.22 million, leaving him with only $771,000 in two days out of the millions he had made in four months.

🌕 Greed and Lack of Risk Management Strategy

According to a market observer, the loss of this trader is not merely bad luck, but a direct result of the absence of a clear risk management strategy. If the trader had followed a disciplined approach, he could have retained a significant portion of his profits instead of losing nearly all of them.