![LayerX Capital suffered a loss of 10.4 million USD in MATIC transactions](https://i-invdn-com.investing.com/news/LYNXMPEDAC13D_L.jpg)
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LayerX Capital, a digital asset management company, reported a significant loss of $10.4 million after transferring 3.62 million MATIC tokens to cryptocurrency exchange Binance. The transfer took place at a rate of $0.91 per token, significantly lower than their initial acquisition price of $2.10 from prominent crypto market players Wintermute Trading and Binance.
The transactions that led to this loss took place over several key days:
- On December 7-8, 2021, LayerX Capital raised capital through the sale of MATIC tokens.
- Throughout 2023, on June 21, November 14 and 22, and finally on December 7-8, the company transferred the tokens to Binance.
- The average sales price during this period was reported to be $0.878.
In contrast to LayerX Capital’s losses, two crypto whales made slight profits by sending MATIC back to Binance. These whales previously bought the tokens at $0.904 and sold them for $0.910 in the past two days.
Another savvy investor deposited 3.64 million MATIC into Coinbase and could have made a potential profit of $521k if they sold at the current rate. This profit calculation assumes selling after they bought back the tokens at an average price of $0.743.
Additionally, Hermez Network has been actively managing its MATIC stake by extracting a significant amount from Polygon’s staking contract. This move follows their previous strategy of de-staking and selling MATIC in smaller amounts throughout November.
LayerX Capital’s realized losses highlight the volatile nature of cryptocurrency markets and the risks inherent in digital asset management. Meanwhile, the contrasting results for other investors underscore the diverse strategies and fortunes experienced by participants in the crypto space.
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