Crypto millionaire loses $43 million in Ether-Bitcoin trading bet
Fickel is one of the world’s wealthiest cryptocurrency investors, currently holding more than $4.8 million worth of Ether.
Crypto millionaire James Fickel has suffered losses exceeding $43 million since Jan. 10, as his debt on the decentralized lending platform Aave surged to $132 million.
Fickel, an early Ethereum investor and the founder of longevity research firm Amaranth Foundation lost over $43.7 million by essentially betting on Ether’s price (ETH) against Bitcoin (BTC).
Based on the millionaire’s 2024 investments, Fickel expected Ether price to rise against Bitcoin’s when he first borrowed $172 million worth of Wrapped Bitcoin (WBTC) on Jan. 10, according to a Sept. 14 X post by Lookonchain.
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Author: Zoltan Vardai
