TechnoRevenant-linked address loses money on Papertrade 1700000 USD and becomes the second-largest PAPER holder
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AT A GLANCE
The linked wallet lost money on Papertrade totaling 1700000 USD and earned 136000000 PAPER, becoming the second-largest holder.
Article
🔍 On-chain detective | TechnoRevenant-linked address loses money on Papertrade 1700000 USD, winning 136000000 PAPER and becoming the second-largest holder
BlockBeats reports that October 13, according to MLM monitoring, a wallet linked to TechnoRevenant collateralized 744000 units of HYPE（61300000 USD) to borrow 3000000 USDC, then lost money on Papertrade totaling 1700000 USD.
These losses earned him 136000000 PAPER, making him the second-largest PAPER holder, while also making him the trader with the largest realized perpetual contract losses on the platform. So far, he has earned back 1051000 USDC through staking rewards, leaving a net loss of approximately 650000 USD.
Before accounting for staking rewards, his average cost was approximately PAPER 0.0125 USD per unit, the highest among the top five holders.
Original link https://m.theblockbeats.info/flash/371502
Key points
01
BlockBeats cites MLM monitoring as saying that a wallet linked to TechnoRevenant collateralized 744000 units of HYPE, borrowing 3000000 USDC。
02
The wallet subsequently lost money on Papertrade totaling 1700000 USD, and earned 136000000 PAPER。
03
The wallet became the second-largest PAPER holder and the trader with the largest realized perpetual contract losses on the platform.
04
The wallet earned back 1051000 USDC through staking rewards, leaving a net loss of approximately 650000 USD。
05
Before accounting for staking rewards, the wallet's average cost per unit of PAPER was approximately 0.0125 USD, the highest among the top five holders.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This is a report about highly leveraged borrowing, trading losses, and token holdings. The wallet used HYPE as collateral to borrow USDC, and received a large amount of PAPER as a result of trading losses. The report does not provide the wallet address or original on-chain records.
Why it matters to readers
The wallet became the second-largest PAPER holder, and the reported holding cost was the highest among the top five holders, potentially raising market concerns about holding concentration and subsequent selling pressure.HYPE The collateralized borrowing also indicates leverage exposure at a single address, but its scale cannot be determined from the report alone.
Collateralized borrowing means using assets as security before borrowing money to trade; staking rewards are rewards earned by locking or staking assets. Here, the net loss is the result calculated after the staking rewards described in the report offset part of the trading losses.
Risks and unknowns
The association between TechnoRevenant and the wallet was not verified against original on-chain records.
The report does not provide the wallet address,PAPER liquidity, token price, or subsequent disposal data.
It cannot be confirmed whether 3000000 USDC the borrowing has been repaid, the collateral has changed, or there is a liquidation risk.
It cannot be confirmed whether 136000000 PAPER will be transferred to an exchange, sold, or staked further.
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Related concepts
collateralized borrowing
This term is not in the glossary yet. Browse related concepts in the glossary.
A derivative contract with no expiration date, designed for continuous holding, whose funding rate mechanism helps keep its price close to that of the underlying asset.
