BAYC-Affiliated Jeffrey Hwang Loses Millions Amidst Blur Holdings Sale

IconCryptoNewsTerminal Staff11 Jul, 2024

cryptonews.jpg

BAYC-Affiliated Jeffrey Hwang Loses Millions Amidst Blur Holdings Sale

Jeffrey Hwang, a notable NFT whale associated with BAYC and a renowned Taiwanese singer, has reportedly sold off his entire BLUR holdings. This transaction resulted in a significant loss of approximately $3.16 million for Hwang. According to data from on-chain analytics platform Spot On Chain, Hwang deposited 18.4 million BLUR, valued at $3.13 million, into Binance within the past 24 hours. Despite this divestment, Hwang still holds a substantial portfolio of BLAST, valued at $4.45 million, and FRIEND, valued at $1.71 million. However, these holdings have incurred unrealized losses amounting to $15.3 million. Hwang's decision to sell off his BLUR holdings has raised questions and sparked speculation within the NFT community. The precise reasons behind his divestment remain unclear, but the significant loss incurred has drawn attention to the volatility of the NFT market and the potential risks associated with such investments.

Related News