According to recent reports by Lookonchain, a group of 15 smart addresses may have made a significant profit by trading ETH during the USDC depegging event. The group reportedly purchased 47,670 ETH with 67.58M USDC at a rate of $1,418 on March 10, 2023. They then sold the entire amount of ETH at a rate of $1,505 for a total of 71.72M USDT just 10 hours ago, resulting in a profit of approximately $4.14M in just two days, with a return on investment of 6%.
Upon further investigation, Lookonchain believes that these 15 addresses may belong to the same individual, as they received a large amount of SHIB from the same address, “0x7617,” on April 21, 2021. The report also suggests that this individual may have been trading in the cryptocurrency market for some time, as they were able to anticipate the crash of UST/LUNA and subsequently sold their ETH holdings before the price dropped.
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We found that 15 addresses(may belong to the same person) bought 47,670 $ETH with 67.58M $USDC at $1,418 on Mar 10.
Then sold 47,668 $ETH at $1,505 for 71.72M $USDT 10 hrs ago.
Made ~$4.14M in 2 days, the ROI is 6%. pic.twitter.com/08oQxNPJaI
— Lookonchain (@lookonchain) March 13, 2023
In May 2021, the address “0x7617” made a smart move by buying approximately 5.5 trillion SHIB before the price of the cryptocurrency skyrocketed. Surprisingly, this was achieved at a cost of only about 180 ETH or $400K. As the price of SHIB rose sharply, the address sold all its holdings in May and October 2021, earning more than 35K ETH through 34 different addresses.
On May 6, 2022, these addresses exchanged their ETH for USDC. As of now, the majority of the funds have been converted into USDT and are concentrated in 15 addresses, totaling about 71.72 million USDT. It is important to note that this figure only accounts for the cost of trading SHIB and does not include the cost of trading other tokens.
According to the article posted on AZCoin News, there was a sense of panic in the market due to the depegging of USDC. However, the North Rock Digital CEO, Hal Press, believed that USDC would re-peg soon, and thus recommended buying at the bottom. It appears that this individual was able to take advantage of this advice and make a considerable profit.
The profits made by this individual are staggering, with their current holdings amounting to over $71.72M, which is a remarkable return on their initial investment of just $400,000. The ability to generate such substantial profits in such a short amount of time is impressive and highlights the potential for significant gains in the cryptocurrency market.
While there is no confirmation that these 15 addresses belong to the same person, the evidence provided by Lookonchain suggests that this individual may be a seasoned crypto trader with a keen eye for market trends. Regardless of who this person is, their success serves as an example of the potential for significant gains in the volatile cryptocurrency market.
Read more:
- DeFi Trader Loses $2 Million USDC Due To MEV Trade Jam
- Lookonchain Reveals Crypto Trader’s Quick $50K Profit From LQTY And SYN Tokens