Meerun, a crypto investor, made headlines in January 2021 when it was revealed that he had been accumulating a significant position in BTMX, an illiquid token. Over the course of three months, Meerun managed to hold nearly half of the token’s supply, causing its price to skyrocket by over 10,000%.
However, Meerun’s success was short-lived as he allegedly took advantage of a flaw in FTX’s margin trading rules. Using his substantial BTMX holdings as collateral, Meerun reportedly borrowed tens of millions of dollars from the crypto exchange, leading to a dramatic downfall.
The incident serves as a cautionary tale for crypto investors, highlighting the risks associated with illiquid tokens and margin trading. It also raises questions about the integrity of the crypto market and the need for stricter regulations to prevent similar incidents in the future.
As the investigation into Meerun’s actions continues, the crypto community is left to ponder the implications of his alleged misconduct. Will this be a turning point for the industry, or just another chapter in the wild world of cryptocurrency?
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