Satoshi Nakamoto imposter on Ethereum suffered 93.16M cDAI forced liquidation

Amid the rally across the cryptocurrency ecosystem, an Ethereum address tagged nakamotosatoshi.eth has suffered a massive cDAI liquidation.

According to the latest news from crypto intelligence service provider PeckShield, the total liquidation amount suffered by nakamotosatoshi.eth is 93.16 million cDAI, worth approximately US$2.13 million.

The loss was recorded while the Ethereum price was above $4,030.

Such liquidations occur in the decentralized finance ecosystem when “the value of a borrower’s collateral in a decentralized finance protocol falls below a certain threshold.” While such losses are irreversible in decentralized finance, they are also common in centralized crypto markets.

The Current Crypto Market Liquidation

In addition to the Nakamoto addresses, data from CoinGlass shows that a total of 109,576 traders were liquidated in crypto markets over the past 24 hours. Total liquidations across all exchanges now stand at $353.86 million.

Traders are always gambling in the markets, and these unpredictable swings often result in losses, but other factors can also hinder investors’ capital, including untimely sales of assets before expiration.

This situation occurred between Rune Christensen, co-founder of Maker DAO, and Justin Sun, founder of Tron.

As The Crypto Basic previously reported, Justin Sun sold his Shiba Inu tokens ahead of schedule, while Christensen made a relatively larger profit, a result of strategic selling when the price of SHIB surged to a day-high of $0.00004 per share on March 6.

More overall profit

Despite the large number of addresses being liquidated across the market, there are more profitable wallets across the entire market, including the Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) ecosystems.

According to data from data analysis platform IntoTheBlock (ITB), with the current Bitcoin price trading at a peak above $72,000, there are currently 52.27 million Bitcoin addresses, accounting for 100% of the ecosystem's total profit. For Ethereum, 94,58% out of 1,052,600 addresses are profitable.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers are encouraged to perform thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.