A mysterious Shiba Inu (SHIB) trader pocketed millions of dollars in the wake of the decoupling of USD Coin (USDC), according to on-chain data.
Blockchain Tracking Company Lookonchain says that when the USDC stablecoin lost its peg to the US dollar over the weekend, an unknown cryptocurrency trader made a profit of $4.14 million in about 48 hours.
According to Lookonchain, the mystery trader spent 67.58 million USDC to acquire 47,670 Ethereum (ETH) on March 10. ETH was trading at $1,418 at the time.
Approximately two days later, the mysterious trader converted 47,668 ETH into the Tether (USDT) stablecoin worth approximately $71.72 million. Lookonchain says that the unknown trader earned a 6% return on investment.
“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 10.
He then sold 47,668 ETH at $1,505 for 71.72 million USDT 10 hours ago [March 12th].
Made about $4.14 million in two days, ROI is 6%.”
On why the 15 responsible addresses possibly belong to one individual or entity, Lookonchain says,
“Based on the on-chain data, we found that these 15 addresses may belong to the same person, because they received a large number of SHIBs from the same address ‘0x7617’ on April 21, 2021.
Address ‘0x7617’ started trading SHIBs very early and bought approximately 5.5 billion SHIBs before the SHIB price increased sharply in May 2021 at a cost of only approximately 180 ETH ($400,000).
Then address ‘0x7617’ sold all SHIBs for more than 35,000 ETH in May and October 2021 across 34 addresses.”
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