A yet-to-be-identified crypto trader was recently discovered to have turned $315,000 in crypto investments into profits of more than $3 million.
Lookonchain, a renowned crypto and web 3.0 news and analysis outlet, discovered the above trader’s exploit and posted the story on its verified X handle.
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Notably, Lookonchain shared the post about the successful crypto trader on December 15, when the investment was still $2,981,087. At the time of drafting this report, data from Zerion revealed the investment is currently worth $3,687,184.
The total assets of this trader increased from $315K to $2.97M in only one month.
— Lookonchain (@lookonchain) December 15, 2023
1/🧵
How did he do it? pic.twitter.com/M7dajQkMRn
This insight will encompass how this yet-to-be-identified investor managed to rake in so much profit in a month.
A Look Into The Crypto Trader Investment Portfolio
Notably, the anonymous crypto investor adopted a high-risk trading strategy involving low-cap tokens. It’s worth noting that MultiBit (MUBI) made up almost two-thirds of his coin stores.
According to Lookonchain, the trader invested $75,500, which was sufficient to accumulate 10.27 million MUBI tokens. Notedly, the trader triggered the purchase three days after the launch of MUBI.
MUBI now sells at approximately $0.27, according to data from CoinMarketCap. Based on this current standing, 10.27 million MUBI tokens will amount to roughly $2.8 million.
The trader’s profit from the MUBI investment is estimated to be about $2.72 million.
While this trader must have seemed to accumulate significant profits on paper, it is worth noting that it would be difficult to liquidate the position to realize the profit.
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The trader’s MUBI coin holdings accounted for more than 10% of the coin’s market capitalization, implying that any significant sell-off by this anonymous investor would extremely deplete MUBI’s market valuation.
Meanwhile, apart from a few coins in the trader’s portfolio that turned out profitable, some also recorded significant losses. However, the profits overshadowed the losses, and attention seemed to center on the booming coins.
Finally, while it remains a possibility that this trader’s accumulated profit may keep increasing, there are also chances that it might decrease in the long run.
Readers are encouraged to be careful when making investment decisions, as they will not always be as fortunate as the trader in this story. Intriguingly, most trading schemes like this one have always ended on a poor note only the few successful ones always get public notice.
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