Trader Loses $2.53 Million in REEF Token Trade

As the REEF token price plunged 71% within hours, a crypto trader lost $2.53 million.

A trader who owns three crypto wallets, with addresses 0x76e, 0xc49, and 0xfcc, has lost a total of $2.53 million after dumping 866 million REEF tokens in a panic. Popular analytics platform Spotonchain reported the incident on social media X, revealing that the sudden price drop cost a crypto investor millions of dollars.

According to Spotonchain, the three crypto wallets all belong to the same person, as one of the wallets transferred 0.1 ETH to the other two. The massive loss began when the trader withdrew 955.549 million REEF tokens, worth $5.06 million, from the Gate.io exchange between September 23 and October 12, 2024. The investor purchased the token at an average price of $0.005 but was forced to sell it at $0.002 after the token’s value dropped by more than 71.8% in just 27 hours.

However, the trader only sold 866 million tokens (worth $2.07 million) on three major cryptocurrency exchanges, HTX, KuCoin, and Gate.io, resulting in a loss of $2.53 million. Notably, he still holds 89.45 million tokens (worth $204k), leaving him with an additional unrealized loss of $270k.

With this crypto trading experience, the trader lost a total of $2.8 million, including the unrealized loss.