April Fool’s Day causes a trader to lose all his cryptocurrency!
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Answer April Fool’s Day causes a trader to lose all his cryptocurrency!
On the first of April, many incorrect tweets and reports appeared, all of which were celebrating April Fools’ Day, such as the re-emergence of Satoshi Nakamoto or “Nakamoto” recommendation that the Dogecoin is the next Bitcoin and other lies or let’s say heavy banter.
Recently, an anonymous trader – who changed his Twitter pseudonym to “kava is scam” – revealed his sad story about being liquidated.
He was told that he decided to go in with all his wallet and using leverage in the cryptocurrency Kava Network (KAVA), but he regretted it about 20 minutes later.
Leveraged Trading is Dangerous and More Dangerous on April 1st:
The trader took the topic of our article to Twitter to share the story of his April Fools’ Day trading experience.Read:You can now benefit from Ripple technologies through this Emirati company
He dedicated his entire portfolio to the “KAVA/USDT” trading pair, after seeing the “big” announcement that Kava Network has partnered with electric car company Tesla and that it will offer Tesla owners the ability to generate passive income and reward their KAVA cryptocurrency for walking and kilometers.
From the tweet of the trader who lost all his money:
I just lost all my money to April Fools’ @kava_platform.
Thanks kava for the quick reply.
I know it’s April 1st but I saw this announcement tweet, and checked the “@” to make sure it was official.
Yes it is the official profile.
This news (…) is great.
But according to the footage shared, the ad was flagged as a prank 32 minutes after it was posted.
However, it was too late for this trader who decided to open a position with 40x leverage on his $8,400 position as KAVA started pumping from the $4.53 level.
After that, the price of KAVA shot up to nearly $5, but bounced back in no time after the ad was flagged as a joke.Read:Markets rose after the Federal Reserve Chairman’s statement on interest rates…details here
With KAVA dropping to $4.65, the trader received a letter from Binance informing him of liquidating his KAVA/USDT position due to insufficient margin balance.Read:Japanese government seeks to simplify taxes on digital currencies
He told the trader that he lost his entire portfolio after only one step of the $600,000 profit, and told that stop loss should always be used especially when trading with leverage.
It’s not just KAVA who did April Fools’ Day:
Some traders on Twitter revealed that they had fallen for similar scams with different cryptocurrencies.
Specifically, the Kineko Protocol (KKO), which is now an early stage project based on Solana, posted an announcement of the project’s endorsement from six-time Ballon d’Or winner Lionel Messi.
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