Nansen Report: LIBRA Traders Face $251 Million in Brutal Losses

Of the 15,430 wallets that sold at a profit or loss exceeding $1,000, around 86% took a loss, amounting to a total of $251 million.

Meanwhile, the remaining 2,101 wallets that secured profits collectively gained about $180 million. Nansen’s February 19 report pointed out that while a small number of traders walked away with big earnings, the majority faced losses.

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The report noted, “Insiders’ took profits, retail got burned, and key backers distanced themselves”.

Breaking down the losses, 1,478 wallets recorded losses between $1,000 and $10,000, totaling $4.8 million. Around 2,800 wallets saw losses ranging from $10,000 to $100,000, adding up to $82.4 million.

Another 392 wallets lost between $100,000 and $1 million, bringing combined losses to approximately $96.5 million. The highest losses were seen in 23 wallets, each losing more than $1 million, with total losses reaching $40.9 million.

Nansen also highlighted that the 15 worst-hit wallets collectively lost $33.7 million. One of these still holds 57% of its original balance despite losses.

A particular case was Barstool Sports founder Dave Portnoy, whose wallet suffered the steepest realized loss of $6.3 million. Though considered an insider, Portnoy later returned 6 million LIBRA tokens that had been given to him for promotional purposes and was refunded $5 million.

The popularity of memecoins appears to be fading following the $4 billion LIBRA controversy. How did the crypto community respond? Read the full story.