It became known how the owner of a famous cryptocurrency lost more than $ 1 million

A crypto trader under the nickname CryptoNerd said that he lost more than $ 1 million trading the PEPE token.

According to the user, he opened a long position on PEPE with a leverage of 3x, investing $ 1.14 million, and the next morning discovered that his long had been liquidated. «I lost everything I had. I don’t even have $ 1,000 in my bank account, but I had $ 1 million on Binance. I’ve been dealing with cryptocurrencies since 2017. Today I lost everything,» he tweeted.

Community members reacted to the situation in different ways. Lady of Crypto noted that this has happened to her before — first in 2019 and then in 2020 with the COVID-19 crisis. «This is not the end of this race and not the end of your story. You can easily recover from this. Believe me, if I can do it, anyone can do it,» she said.

Chris Carrascosa urged traders to stay away from large bets on memecoins. «In the world of traditional finance, no one would ever think of investing that kind of money in a memtoken or other ridiculous asset. These 'strategies', if you call them that, take all your money,» he said.

The dramatic turn in the trader’s story was caused by a significant correction in the cryptocurrency market amid geopolitical tensions between Iran and Israel. The PEPE memecoin, which CryptoNerd was trying to make money on, dropped by about 20%.

A few days earlier, the U.S. Securities and Exchange Commission (SEC) came under the gun of the Uniswap decentralized exchange (DEX). Then a user with the nickname whizardflow. eth lost 107,010 UNI (about $ 1 million). The UNI token price fell by almost 20%.