Whale loses $1.09M in leveraged XVS trade amid price crash

A whale investor who executed a leveraged purchase of 532,000 Venus (XVS), valued at $2.81 million, on the Venus Protocol has incurred significant losses amid a sharp price drop, AmberCN reported. The investor had borrowed 1.4 million USDT against XVS collateral to fund the purchase. During the subsequent downturn, 287,000 XVS were liquidated to repay $930,000 of the USDT loan, resulting in a cumulative loss of $1.09 million. The position's Health Factor now stands at just 1.07, with a risk of further liquidation if the price of XVS falls below $3.2. According to CoinMarketCap, XVS is currently trading at $3.45, down 29.69% on the day.