An AAVE Investor Suffered a Massive Loss of $1.3 Million in 16 Hours

Crypto News – The loss-making sale of 12,500 AAVE tokens by an early AAVE investor is reported.

An AAVE Investor Suffered a Massive Loss of $1.3 Million in 16 Hours

These tokens were bought by the investor between the years 2020 and 2021, according to Lookonchain monitoring, who later sold them at a price that puts their present value at around $697,000.

AAVE tokens totaling 12,612 were withdrawn from the cryptocurrency exchange Binance in the years 2020 and 2021 by the investor’s address, which had previously been associated with significant activity. These tokens had an estimated value of $2 million at the time of withdrawal. An estimate of $159 per token was used to determine the average withdrawal cost for these transactions. The investor’s motives were first questioned as a result of these actions, which initially created excitement among the cryptocurrency community.

Same Address Operated 16 Hours Before the Sale

A mere 16 hours before the sale, the address had started a deposit of the same tokens back into Binance. An estimated $1.3 million was lost as a result of this latest action, highlighting the continuous volatility and hazards connected to cryptocurrency investments. The size of the transaction and the investor’s background in this particular example have attracted attention, but it also serves as a reminder that the cryptocurrency market is still highly volatile.