A mysterious Shiba Inu trader has pocketed millions of dollars in the wake of the USD Coin USDC depegging, according to on-chain data.
Blockchain tracking firm Lookonchain says that as the USDC stablecoin lost its peg to the US dollar over the weekend, an unknown crypto trader made a profit of $4.14 million in about 48 hours.
2.
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
According to Lookonchain, the mysterious trader spent 67.58 million USDC to acquire 47,670 Ethereum on March 10th. ETH was trading at $1,418 at the time.
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About two days later, the mysterious trader converted 47,668 ETH to stablecoin Tether USDT worth approximately $71.72 million. Lookonchain says the unknown trader pocketed a return on investment of 6%.
“We found that 15 addresses (may belong to the same person) bought 47,670 ETH with 67.58 million USDC at $1,418 on March 10th.
Then sold 47,668 ETH at $1,505 for 71.72 million USDT on March 12th, He made approximately $4.14 million in two days, the return on investment is 6%.”
On why the 15 responsible addresses possibly belong to one individual or entity, Lookonchain says,
3.
According to the on-chain data, we found that these 15 addresses may belong to the same person, because they received a large amount of $SHIB from the same address "0x7617" on April 21, 2021. pic.twitter.com/QDZ2ixFvTA
— Lookonchain (@lookonchain) March 13, 2023
“According to the on-chain data, we found that these 15 addresses may belong to the same person, because they received a large amount of SHIB from the same address ‘0x7617’ on April 21st, 2021.
Address ‘0x7617’ started trading SHIB very early, and bought approximately 5.5 trillion SHIB before the price of SHIB rose sharply in May 2021 with a cost of only approximately 180 ETH ($400,000). Then address ‘0x7617’ sold all SHIB for more than 35,000 ETH in May and October 2021 through 34 addresses.”
