Andrew Kang Suspected To Lose $377k In Highly Leveraged BTC And ETH Trading
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Key Points:
- Mechanism Capital co-founder Andrew Kang seems to have lost $377K in high-leverage trades.
- He used up to 100x leverage to buy/sell BTC and ETH on Muxprotocol.
- A few days earlier, Andrew is said to be a whale who gathered Arbitrum’s ARB token, causing the price to increase sharply by 8%.
According to recent Lookonchain data, Mechanism Capital co-founder Andrew Kang was liquidated around $377,000 in high-leverage trades.
It is known that this whale used 100x leverage to buy/sell BTC and ETH on Muxprotocol in 8 transactions, but 7 of those orders were liquidated, causing this player a loss of about $377,000.
Andrew Kang is an entrepreneur and cryptocurrency investor. He is the Co-Founder of Mechanism Capital which invests in crypto through backend trading, mining, venture, and secondary market. Kang previously worked in portfolio management and venture capital at Digital Capital Management.
Since 2020, Kang has been deeply involved in many DeFi-related projects, and he is also very active in providing analysis on DeFi projects via Twitter.
Before that, Arbitrum (ARB), a token linked to the popular Layer 2 scaling solution, was seeing a massive 8% price increase. Interestingly, this increase comes as well-known crypto investors, including Andrew Kang, significantly increase their holdings. This bullish activity offers a glimmer of hope after a challenging market period for ARB, which has seen its value drop 29% over the past few days.
It is reported that on June 2, Andrew Kang took an essential step toward the ARB token. He sold all his shares in RDNT, only to reinvest the proceeds in ARB, buying a total of 723,311 ARBs, equivalent to $867,000, at an average price of $1.20 for each token.
Notably, he subsequently proceeded to deposit all of his newly acquired ARB tokens into RDNT Capital, indicating an optimistic outlook on the future performance of the token.
Andrew Kang is using his position to buy ARB through RDNT Capital. By buying ARB, depositing, borrowing USDC, and then buying more ARB, he effectively doubles his investment, demonstrating a solid belief in ARB’s growth potential.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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