Lookonchain reported that Machi sold more than 60 NFTs over the past six months to fund highly leveraged trades, incurring losses of over 1,000 ETH in the process.
In a post dated October 28, the on-chain data platform said the investor known as Machi Big Brother had directed proceeds from NFT sales into highly leveraged crypto perpetual futures trades.
More than 60 NFT sales
The post, covering a six-month period, put total losses at more than 1,000 ETH, or approximately $2.35 million. Lookonchain pointed to Machi’s OpenSea profile in connection with the NFT sales.
The post does not break down the losses separately between NFT sales and leveraged trades. Therefore, it is not possible to characterize the $2.35 million as losses from futures trading alone.
The key development in the report is that the investor is raising funds for new trades from his NFT portfolio. The figures cited are part of an assessment covering the past six months, not a single trade or day.
Not investment advice.