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March 14, 2023

Mysterious Shiba Inu (SHIB) Trader Nets Huge Profit Selling Ethereum (ETH) During USDC Depegging: On-Chain Data

By Daily Hodl Staff

A mysterious Shiba Inu (SHIB) trader 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.

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According to Lookonchain, the mysterious trader spent 67.58 million USDC to acquire 47,670 Ethereum (ETH) on March 10th. ETH was trading at $1,418 at the time.

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 10 hours ago [March 12th].

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Made approximately $4.14 million in two days, the return on investment is 6%.”

Source: Lookonchain/Twitter

On why the 15 responsible addresses possibly belong to one individual or entity, Lookonchain says,

“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.”

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