Andrew Kang, a prominent crypto trader and investor, made a bold move by shorting Bitcoin (BTC) on MUX Protocol, a decentralized margin trading platform that provides leverage up to 100x.
Kang, who opened a 100x short position in BTC after Coinbase was sued by the SEC for allegedly selling unregistered securities, was then surprised by his move.
After about 1 hour, Kang closed this BTC position and took a 100x long position on Ethereum.
Yesterday, the SEC sued Binance and its CEO, Changpeng Zhao, for allegedly operating an illegal exchange in the US, mixing client funds with their own, and violating securities laws.
The SEC alleges that Binance and Zhao have deceived investors and regulators into risk controls, separating U.S. and international platforms, and owning a separate company that handles billions of dollars in client funds.
In the lawsuit filed against Coinbase, it was noteworthy that all altcoins that appeared on the first page when marked as "open for trading" on the Coinbase website and only these altcoins were shown as securities by the SEC in the lawsuit.
*Not investment advice.
