$40-Billion wipeout caused by just 7 'Whale' traders In May, | DEFI Journal

$40-Billion wipeout caused by just 7 'Whale' traders

In May, the overall cryptocurrency market saw an unprecedented meltdown as $40 billion got wiped out of investors’ holdings caused by the act of just seven ‘whale’ traders.

A research says that between May 7 and May 11, the referred seven whale accounts aggressively sold UST on crypto exchanges, as they appeared to have lost faith in UST.

When the Luna Foundation Guard failed to stabilize the UST price, even more holders began to sell to cut losses, and hence, the price fell lower than ever.

https://news.abplive.com/business/crypto/crypto-crash-usd-40-billion-wipeout-caused-by-7-whale-traders-wallets-nansen-research-details-address-1534969