A crypto investor lost $8 million in one month

The cryptocurrency market has recently experienced significant volatility, with most cryptocurrencies experiencing sharp declines over the past 24 hours.

In light of these moves, one of Ethereum's backers ( ETH ) is now facing $8 million in unrealized losses due to movements in the FRIEND ERC-20 token.

The influencer known by the nickname “Machi Big Brother” shared about losses exceeding 50% due to investment in FRIEND. On-chain analytics platform Lookonchain identified this one-month losing position from the flagged account and reported it on June 8.

According to the information, Machi Big Brother started acquiring the token on May 3rd. In total, he bought 8.6 million FRIEND at an average price of $1.81, spending 4,975 ETH, worth $15.6 million for this investment, which later depreciated by 55%.

FRIEND is currently trading at $0.89, having fallen 30% over the past 60 days. Therefore, the current value of Machi Big Brother's position is approximately $7 million, reflecting a loss of $8.6 million in just over a month.