$128 million OKEX short contract liquidated on EOS!

11 May, 2018
by Conor Maloney
News
$128 million OKEX short contract liquidated on EOS!

A major whale lost what may be the biggest bet of all time in the crypto space taking a short position on EOS for $128 million.

12.8 million futures contracts were liquidated earlier this morning as they cut their losses in a trade that may well have been leveraged, meaning the amount lost could in reality be even higher. 

The position may have been opened as a hedge against a long position, or it may simply be that a non-believer ended up feeling the burn by losing out on a huge amount of money betting against the cryptocurrency project. 

People can short cryptocurrency by purchasing futures contracts and receiving a payout if the value of the currency they're shorting drops. Often the trades are leveraged, meaning they could stand to win 5 - 10 times as much as they wager, like odds in a bookies -meaning they could have lost more than they wagered too!

This is the second time this month a major short contract has been liquidated on OKEX, with a $119 million worth of contracts against Bitcoin liquidated just last week.


Read more about:EOS (EOS)

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