Mysterious Shiba Inu (SHIB) Trader Nets Huge Profit Selling Ethereum (ETH) During USDC Depegging: On-Chain Data

A mysterious Shiba Inu (SHIB) dealer pocketed tens of millions of {dollars} within the wake of the USD Coin (USDC) depegging, in line with on-chain knowledge.

Blockchain monitoring agency Lookonchain says that because the USDC stablecoin misplaced its peg to the US greenback over the weekend, an unknown crypto dealer made a revenue of $4.14 million in about 48 hours.

In line with Lookonchain, the mysterious dealer spent 67.58 million USDC to accumulate 47,670 Ethereum (ETH) on March tenth. ETH was buying and selling at $1,418 on the time.

About two days later, the mysterious dealer transformed 47,668 ETH to stablecoin Tether (USDT) value roughly $71.72 million. Lookonchain says the unknown dealer pocketed a return on funding of 6%.

“We discovered that 15 addresses (might belong to the identical particular person) purchased 47,670 ETH with 67.58 million USDC at $1,418 on March tenth.

Then bought 47,668 ETH at $1,505 for 71.72 million USDT 10 hours in the past [March 12th].

Made roughly $4.14 million in two days, the return on funding is 6%.”

Supply: Lookonchain/Twitter

On why the 15 accountable addresses probably belong to 1 particular person or entity, Lookonchain says,

“In line with the on-chain knowledge, we discovered that these 15 addresses might belong to the identical particular person, as a result of they acquired a considerable amount of SHIB from the identical tackle ‘0x7617’ on April twenty first, 2021.

Handle ‘0x7617’ began buying and selling SHIB very early, and purchased roughly 5.5 trillion SHIB earlier than the value of SHIB rose sharply in Could 2021 with a price of solely roughly 180 ETH ($400,000).

Then tackle ‘0x7617’ bought all SHIB for greater than 35,000 ETH in Could and October 2021 by means of 34 addresses.”

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