A crypto trader reportedly lost $1 million in USDT overnight, trading the meme coin PEPE with Binance‘s margin leverage. This story represents the untold reality of many other traders who rarely get to the headlines.
The trader goes by the pseudonym Crypto Nerd on X (formerly Twitter) and reported his losses on April 13.
In particular, Crypto Nerd explained he opened a 3x-leverage long position on PEPE, with $1 million worth of Tether’s stablecoin USDT. The dramatic outcome gets worse considering the memecoin trader has less than $1,000 in his banking account, as reported.
“Just woke up and realised I got liquidated overnight. I was 3x long PEPE. I lost everything I had. I don’t even have $1000 in my bank account but had $1M in Binance. I have been in crypto since 2017. Today I lost everything,” he posted.
Binance wallet account. Source: X/Crypto Nerd
Cryptocurrency trading: Loud winners and silent losers
Crypto Nerd‘s story is one of many others that remain un
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