Whale Investor Bags $1.3M Profit Through Crypto Arbitrage

Whale Investor Bags $1.3M Profit Through Crypto Arbitrage

Time Stamp: March 11, 2023 2:52 AM
Source Node: 2004090

SNEAK PEEK

  • Whale CZSamSun made a $1.3M profit via crypto arbitrage.
  • They deposited stETH and $ETH, borrowed $USDT, and bought $USDC.
  • CZSamSun exchanged $28.5M $USDT for $29.9M $USDC, betting on it returning to the peg.

According to credible sources cited by LookOnChain, cryptocurrency investor Whale CZSamSun is said to have generated a big profit of more than $1.3 million via the use of arbitrage by acquiring $USDC.

Whale CZSamSun reportedly profited by putting stETH and $ETH into Aave and Instadapp, two prominent DeFi platforms, and borrowed $USDT to buy $USDC. According to the reports, they traded 28,577,700 USDT for 29,961,238 USDC. This suggests that CZSamSun was able to acquire each USDC at a price that was lower than its peg.

According to familiar sources, opportunities to engage in arbitrage such as these may often be found in the bitcoin market. They make it possible for traders to profit by taking advantage of the fact that the price of a particular asset might vary across multiple exchanges and platforms. 

The fact that CZSamSun was successful in his endeavour demonstrates the potential of decentralized finance platforms to provide astute investors with access to good trading possibilities.

Nevertheless, it is essential to remember that arbitrage possibilities allegedly come with significant dangers, and investors should proceed with extreme care whenever they participate in activities of this kind. In addition, the volatile nature of cryptocurrencies might lead to price changes, which can harm arbitrage methods.

According to Coinmarketcap, the price of one USDC is about $0.89 at the time of this writing, which indicates that CZSamSun’s profit is contingent on the price of one USDC reverting to its peg. In spite of the fact that there is no assurance that this will occur, CZSamSun’s success serves as a valuable reminder of the possible benefits that may be gained by taking sensible risks in the cryptocurrency market.

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