Following the Binance hacking incident, the trader 0x8add used maximum leverage to short 22047 units ETH and 620.7 units BTC, with unrealized gains of 2290000 USD

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A trader used maximum leverage to short 22047 units ETH and 620.7 units BTC, currently with unrealized gains of 2290000 USD

PANews October 30 According to a report, Lookonchain monitored that, following the Binance hacking incident, the trader 0x8add used maximum leverage to short 22047 units ETH（48890000 USD) and 620.7 units BTC（47890000 USD), currently with unrealized gains of 2290000 USD。

Source: https://www.panewslab.com/zh/articles/01a18a63-9ddd-73b7-98df-ac971e3752cb

Key points

PANews said that Lookonchain monitored a trader 0x8add shorting following the Binance hacking incident 22047 units ETH。
The ETH short position size is 48890000 USD。
The trader also shorted 620.7 units BTC, with a position size of 47890000 USD。
Reports indicate that the trader used maximum leverage and currently has unrealized gains of 2290000 USD。

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

Short selling is a bet that an asset's price will decline; leverage magnifies position size and potential gains and losses. The report only states the current unrealized gains and does not disclose the entry price, margin, or liquidation price.

Why it matters to readers

This indicates that the account holds relatively large ETH and BTC bearish positions, but the evidence does not show that these positions have already caused a change in market prices.

Beginners should note that maximum-leverage positions may amplify both gains and losses, and unrealized gains are not the same as realized profits.

Risks and unknowns

The trading platform, entry price, margin, and liquidation price for this position were not provided.
It has not been confirmed whether the position has been closed or liquidated.
No independent on-chain or exchange verification materials were provided.
The report alone cannot confirm its actual impact on ETH or BTC prices.

Following the Binance hacking incident, the trader 0x8add used maximum leverage to short 22047 units ETH and 620.7 units BTC, with unrealized gains of 2290000 USD

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