Amaranth Foundation Founder Loses $43.7 Million in Cryptocurrency Debacle
CryptoNewsTerminal Staff14 Sep, 2024
Amaranth Foundation Founder Loses $43.7 Million in Cryptocurrency Debacle
Amaranth Foundation founder James Fickel has been dealt a significant financial blow, losing an estimated $43.7 million in cryptocurrency. On-chain analytics provider Lookonchain revealed that Fickel's address had borrowed 18,000 ETH ($43.7 million) from the Aave lending platform. This ETH was then swapped for 56,446 ETH. Since August 7th, Fickel has managed to repay 671 WBTC ($39.9 million), but still owes a substantial amount to Aave. The unfortunate sequence of events serves as a cautionary tale for investors, highlighting the volatile nature of the cryptocurrency market.
