According to a recent report by COINOTAG, on October 26, data obtained from Lookonchain highlights significant losses incurred by trader James Fickel, known in the crypto community as “dead bull.” Fickel has reportedly suffered a staggering loss of approximately 22,500 ETH, equivalent to around $55 million, through long positions in the ETH/BTC market.
Between January 10 and July 1, 2023, Fickel leveraged 3,061 WBTC, valued at nearly $172 million, from Aave, subsequently converting these into 56,445 ETH under a relatively low interest rate of 0.05424. In an effort to mitigate his financial obligations, he spent around $12 million in USDC to acquire 211 WBTC and subsequently swapped 47,476 ETH for 1,888 WBTC, totaling close to $113 million, aiming to repay his debts on Aave.
Currently, Fickel is facing substantial liabilities, with debts amounting to 980 WBTC still owed on the Aave platform, underlining the risky nature of leveraged trading in the volatile crypto market.
Source: https://en.coinotag.com/breakingnews/eth-plummets-as-dead-bull-james-fickel-faces-55-million-loss-in-aave-transactions/