A prominent cryptocurrency investor has incurred significant financial losses after a short-selling strategy involving Ethereum (ETH) resulted in a substantial decline of their holdings. According to blockchain analyst Yu Jin, the investor initially sold 50,754 ETH at $1,754 per unit on April 23, generating approximately $89.03 million in USDT. This transaction involved borrowing an additional 15,000 ETH for short selling purposes. After 27 days, the investor repurchased 34,343 ETH using this USDT reserve at a price of $2,592 per ETH. This resulted in a reduction of their holdings from 35,754 to 19,302 ETH, resulting in a loss of 16,452 ETH. The investor’s financial loss is estimated at approximately $42.64 million. Their current 19,302 ETH is valued at around $50.04 million, while the original 35,754 ETH would be worth $92.69 million today.