Machi loses $833K trading on Papertrade as PAPER airdrop fails to cover losses
- —Machi's Papertrade volume since Oct. 10 reached $1.56B
- —Realized loss of $833K puts him 10th on the platform's loss leaderboard
- —A 437,000 PAPER airdrop reduced the net loss to $424K
- —He traded mostly ETH longs at 50x–1,000x leverage, typically 100x
Why it matters: The case highlights the risks of extreme leverage on new venues: even a large airdrop fails to offset losses at 100x.
Source: PANews