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Financial Damages from LIBRA Coin Fiasco Revealed in Nansen Report
A recent report by blockchain analytics firm Nansen has shed light on the devastating financial consequences of the LIBRA token’s catastrophic collapse. According to the findings, an astonishing 86% of investors who bought into the cryptocurrency have collectively lost a staggering $251 million.
The report highlights that only a meager 2,101 wallets managed to turn a profit, while over 15,000 others suffered substantial losses. In stark contrast, a mere handful of savvy traders capitalized on the token’s volatility, raking in a minimum of $5.4 million each.
One particularly opportunistic investor reportedly walked away with an astonishing $25 million profit, although this figure is disputed by some sources. Early traders who were likely experienced snipers or automated bots appear to have exited their positions before prices crashed, leaving retail investors to bear the brunt of the losses.
The study also reveals that more than 15,000 wallets ended up in the red, with the worst-performing addresses losing a combined $33.7 million. Notably, one high-profile investor, Barstool Sports founder Dave Portnoy, suffered a substantial loss amounting to over $1 million.
Meanwhile, despite LIBRA’s precipitous fall, some traders continued to buy and sell the cryptocurrency in the aftermath of Argentine President Javier Milei’s tweet rekindling interest in the token. However, this surge was short-lived, and most participants who entered during this post-hype period ultimately suffered losses.
The report also reveals that over 1,000 wallets remain stuck with unrealized losses amounting to around $11 million, while another 71 addresses have managed to eke out combined profits of just $540,000 as of February 18.
Source: cryptopotato.com
