A cryptocurrency whale known on Twitter as 9x9x9 announced that the decentralized exchange SushiSwap has lost over $30 million in its native currency, the SUSHI altcoin.
SUSHI Altcoin Whale Says Losses Over $30M
According to a tweet by crypto analyst LookOnChain, the 9x9x9 whale unstakes SUSHI tokens on the SushiSwap platform and has received 2.46 million SUSHIs worth $2.12 million at the time of this writing.
However, the analyst also noted that 9x9x9 had previously withdrawn $1.28 million worth of $9.6 million from Binance, the largest centralized exchange, and spent $3,160 ETH worth $1.04 million to purchase 900,000 SUSHI at an average price of $9.46 per token.
This means that 9x9x9 invested a total of $20.64 million in SUSHI tokens, receiving only $2.12 million in return, with a loss of $18.52 million.
However, the whale himself claimed that his losses were even higher as he bought more SUSHI tokens from other centralized exchanges:
“I actually lost over 30 million if you include all the CEX purchases, thanks for reminding me.”
SUSHI is one of the most popular decentralized finance (DeFi) tokens that allow users to provide liquidity and earn fees on the SushiSwap platform. However, the token has experienced a significant drop in value since its all-time high of $23.38 in March 2021. At the time of this writing, SUSHI is trading at $0.86 per token, down 96% from its peak.
*Not investment advice.