Wallet Loses $17 Million on OM Token After Poorly Timed Trades

In Brief:

Wallet withdrew $18.7M worth of OM from Binance a month ago at $6.46 per token.

Deposited back only $1M worth of OM, realizing a $17M loss.

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According to Lookonchain data shared by ChainCatcher, a crypto wallet has reportedly incurred a loss of approximately $17 million after trading OM tokens over the past month.

The wallet withdrew 2.9 million OM tokens from Binance roughly a month ago at an average price of $6.46—totaling around $18.7 million. However, just 14 hours ago, the same wallet redeposited only 1.72 million OM tokens back to Binance, now valued at approximately $1 million.

This suggests a realized loss of over $17 million in just one month, raising concerns over the investor’s strategy or possible mismanagement. No further details about the wallet’s owner or motives were disclosed.

OM’s price action has seen significant volatility in recent weeks, though no specific external catalyst for the sharp decline in value has been confirmed.

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