{"id":523170,"date":"2023-03-15T10:50:06","date_gmt":"2023-03-15T10:50:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=523170"},"modified":"2024-06-11T12:56:31","modified_gmt":"2024-06-11T12:56:31","slug":"how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/","title":{"rendered":"How A South Korean Crypto Trader Lost Nearly $1 Million Trying To Short Bitcoin"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Sotto, a Korean trader, lost nearly $1 million trading Bitcoin futures, reports on March 15 indicate.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Trader On A Losing Spree Trading Bitcoin<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">On his crypto futures trading account, Sotto first tried to short Bitcoin at around $21,000. However, because of the heightened market volatility and various fundamental factors, prices continued increasing, liquidating his entry. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Observers note that the trader was live streaming his positions when the market turned against him. People monitoring Sotto\u2019s trades said he proceeded to open another short position after being liquidated and got liquidated again.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udea8BREAKING NEWS\ud83d\udea8<\/p>\n<p>KOREAN STREAMER SATTO LIQUIDATED FOR NEARLY $1M US DOLLARS SHORTING BITCOIN ON LIVESTREAM\ud83d\udea8\ud83d\udea8 <a href=\"https:\/\/t.co\/BKLt6KHU99\" rel=\"nofollow\">pic.twitter.com\/BKLt6KHU99<\/a><\/p>\n<p>&mdash; ChimpZoo \ud83c\uddf8\ud83c\udde6 (@ThinkingBitmex) <a href=\"https:\/\/twitter.com\/ThinkingBitmex\/status\/97820417?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 14, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Crypto futures are derivatives products where the trader borrows the asset from the exchange in anticipation that the asset will rise or fall. In a \u201clong\u201d position, the trader expects token prices to fall. Meanwhile, a \u201cshort\u201d position means the trader anticipates prices to tank.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ark-invests-cathie-wood-claims-current-banking-crisis-was-inevitable\/\">ARK Invest\u2019s Cathie Wood Claims Current Banking Crisis Was Inevitable<\/a><\/p>\n<p><span data-preserver-spaces=\"true\">In crypto trading, liquidation happens when the exchange forcefully closes a position due to a partial or total loss of the trader\u2019s margin amount.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">To counter this series of short liquidations, the trader tried fading the market by opening a margin long. By buying on leverage, he hoped to ride the emerging trend. However, the market turned against him, forcing another long liquidation. Like before, Sotto chased the market and got liquidated once more.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udea8BREAKING NEWS\ud83d\udea8<\/p>\n<p>KOREAN STREAMER SATTO DOWN $500k SHORTING BITCOIN<\/p>\n<p>HIS LIQUIDATION SITS AT $25.1k <a href=\"https:\/\/t.co\/AvY37gRdf8\" rel=\"nofollow\">pic.twitter.com\/AvY37gRdf8<\/a><\/p>\n<p>&mdash; ChimpZoo \ud83c\uddf8\ud83c\udde6 (@ThinkingBitmex) <a href=\"https:\/\/twitter.com\/ThinkingBitmex\/status\/56949760?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 13, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">In the end, the trader had racked in nearly $1 million in losses.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Risks Of Leverage Trading, Millions Of BTC Positions Liquidated<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">This is not the first time Sotto has been liquidated, losing big sums. <\/span><span data-preserver-spaces=\"true\">According to people who commented on a screen grab shared on Twitter, Sotto appears to be constantly on the losing side. The trader, fans who follow him say, likes live streaming crypto futures orders, often doing it at high leverage.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Leverage allows clients to borrow funds from the broker, enabling them to trade bigger order sizes than they ordinarily do. While it can magnify profits, it is a double-edged sword. Losses can be just as high, increasing the chances of being margin called.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-bump-and-run-reversal-bottom-target-100000\/\">Bitcoin Forms Bump And Run Reversal Bottom, Target Is Over $100,000<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">In April 2022, Sotto\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.facebook.com\/watch\/?v=7233\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">lost<\/span><\/a><span data-preserver-spaces=\"true\"> nearly $10 million after opening Bitcoin \u201clong\u201d positions. At that time, the coin was trading at around $41,000. The trader placed a \u201clong\u201d entry with a 25X leverage, buying 240 BTC, which, at that time, was worth approximately $10 million. Sotto ended up losing his long position and got liquidated as BTC prices continued falling.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Bitcoin and cryptocurrencies are volatile assets. Their volatility may open up opportunities for traders looking to profit from short or long positions, but also opens up traders to potentially massive losses.<\/span><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/ubRSHcOh\/\" alt=\"Bitcoin Price On March 15| Source: BTCUSDT On Binance, TradingView\" width=\"1280\" height=\"595\"><\/p>\n<p>Bitcoin Price On March 15| Source: <a href=\"https:\/\/www.tradingview.com\/x\/ubRSHcOh\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT On Binance, TradingView<\/a><span data-preserver-spaces=\"true\">In November 2021, the coin surged to as high as $69,000 before collapsing throughout 2022, reaching as low as $15,300. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Although prices have since recovered, the volatility of Bitcoin is a risk that traders constantly watch out for. According to Coinglass\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.coinglass.com\/LiquidationData\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">data<\/span><\/a><span data-preserver-spaces=\"true\">, $140.82 million of long and short positions were liquidated in the past 24 hours.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature Image From Canva, Chart From TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Sotto, a Korean trader, lost nearly $1 million trading Bitcoin futures, reports on March 15 indicate. Trader On A Losing Spree Trading Bitcoin On his crypto futures trading account, Sotto first tried to short Bitcoin at around $21,000. However, because of the heightened market volatility and various fundamental factors, prices continued increasing, liquidating his entry. Observers note that the trader was live streaming his positions when the market turned against him. People monitoring Sotto\u2019s trades said he proceeded to open another short position after being liquidated and got liquidated again. \ud83d\udea8BREAKING NEWS\ud83d\udea8 KOREAN STREAMER SATTO LIQUIDATED FOR NEARLY $1M US DOLLARS SHORTING BITCOIN ON LIVESTREAM\ud83d\udea8\ud83d\udea8 pic.twitter.com\/BKLt6KHU99 &mdash; ChimpZoo \ud83c\uddf8\ud83c\udde6 (@ThinkingBitmex) March 14, 2023 Crypto futures are derivatives products where the trader borrows the asset from the exchange in anticipation that the asset will rise or fall. In a \u201clong\u201d position, the trader expects token prices to fall. Meanwhile, a \u201cshort\u201d position means the trader anticipates prices to tank. Related Reading: ARK Invest\u2019s Cathie Wood Claims Current Banking Crisis Was Inevitable In crypto trading, liquidation happens when the exchange forcefully closes a position due to a partial or total loss of the trader\u2019s margin amount.\u00a0\u00a0 To counter this series of short liquidations, the trader tried fading the market by opening a margin long. By buying on leverage, he hoped to ride the emerging trend. However, the market turned against him, forcing another long liquidation. Like before, Sotto chased the market and got liquidated once more. \ud83d\udea8BREAKING NEWS\ud83d\udea8 KOREAN STREAMER SATTO DOWN $500k SHORTING BITCOIN HIS LIQUIDATION SITS AT $25.1k pic.twitter.com\/AvY37gRdf8 &mdash; ChimpZoo \ud83c\uddf8\ud83c\udde6 (@ThinkingBitmex) March 13, 2023 In the end, the trader had racked in nearly $1 million in losses. Risks Of Leverage Trading, Millions Of BTC Positions Liquidated This is not the first time Sotto has been liquidated, losing big sums. According to people who commented on a screen grab shared on Twitter, Sotto appears to be constantly on the losing side. The trader, fans who follow him say, likes live streaming crypto futures orders, often doing it at high leverage.\u00a0 Leverage allows clients to borrow funds from the broker, enabling them to trade bigger order sizes than they ordinarily do. While it can magnify profits, it is a double-edged sword. Losses can be just as high, increasing the chances of being margin called. Related Reading: Bitcoin Forms Bump And Run Reversal Bottom, Target Is Over $100,000 In April 2022, Sotto\u00a0lost nearly $10 million after opening Bitcoin \u201clong\u201d positions. At that time, the coin was trading at around $41,000. The trader placed a \u201clong\u201d entry with a 25X leverage, buying 240 BTC, which, at that time, was worth approximately $10 million. Sotto ended up losing his long position and got liquidated as BTC prices continued falling. Bitcoin and cryptocurrencies are volatile assets. Their volatility may open up opportunities for traders looking to profit from short or long positions, but also opens up traders to potentially massive losses. Bitcoin Price On March 15| Source: BTCUSDT On Binance, TradingViewIn November 2021, the coin surged to as high as $69,000 before collapsing throughout 2022, reaching as low as $15,300. Although prices have since recovered, the volatility of Bitcoin is a risk that traders constantly watch out for. According to Coinglass\u00a0data, $140.82 million of long and short positions were liquidated in the past 24 hours. Feature Image From Canva, Chart From TradingView<\/p>\n","protected":false},"author":384,"featured_media":523000,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84332,84546,16082,768,87988],"class_list":["post-523170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-liquidations","tag-bitcoin-longs","tag-bitcoin-shorts","tag-bitcoin-trading","tag-sotto"],"acf":[],"yoast_head":"\n<title>How A South Korean Crypto Trader Lost Nearly $1 Million Trying To Short Bitcoin<\/title>\n<meta name=\"description\" content=\"Sotto, a Korean trader, lost nearly $1 million trading Bitcoin futures, reports on March 15 indicate. BTC recently rose above $26,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How A South Korean Crypto Trader Lost Nearly $1 Million Trying To Short Bitcoin\" \/>\n<meta property=\"og:description\" content=\"Sotto, a Korean trader, lost nearly $1 million trading Bitcoin futures, reports on March 15 indicate. BTC recently rose above $26,000.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-15T10:50:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T12:56:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/bitcoin.jpeg?fit=864%2C486\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dalmas Ngetich\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Dalmas_Ngetich\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dalmas Ngetich\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/\"},\"author\":{\"name\":\"Dalmas Ngetich\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/08a2c46e8c02b51b9464d6e0bf2b1586\"},\"headline\":\"How A South Korean Crypto Trader Lost Nearly $1 Million Trying To Short Bitcoin\",\"datePublished\":\"2023-03-15T10:50:06+00:00\",\"dateModified\":\"2024-06-11T12:56:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/\"},\"wordCount\":525,\"publisher\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/bitcoin.jpeg?fit=864%2C486\",\"keywords\":[\"bitcoin\",\"bitcoin liquidations\",\"bitcoin longs\",\"Bitcoin Shorts\",\"bitcoin trading\",\"Sotto\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/\",\"url\":\"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/\",\"name\":\"How A South Korean Crypto Trader Lost Nearly $1 Million Trying To Short Bitcoin\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/bitcoin.jpeg?fit=864%2C486\",\"datePublished\":\"2023-03-15T10:50:06+00:00\",\"dateModified\":\"2024-06-11T12:56:31+00:00\",\"description\":\"Sotto, a Korean trader, lost nearly $1 million trading Bitcoin futures, reports on March 15 indicate. BTC recently rose above $26,000.\",\"breadcrumb\":{\"@id\":\"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/#primaryimage\",\"url\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/bitcoin.jpeg?fit=864%2C486\",\"contentUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/bitcoin.jpeg?fit=864%2C486\",\"width\":864,\"height\":486,\"caption\":\"bitcoin\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/uniquehot.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How A South Korean Crypto Trader Lost Nearly $1 Million Trying To Short Bitcoin\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/uniquehot.com\/#website\",\"url\":\"https:\/\/uniquehot.com\/\",\"name\":\"NewsBTC\",\"description\":\"Bitcoin &amp; Cryptocurrency News Today\",\"publisher\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/uniquehot.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/uniquehot.com\/#organization\",\"name\":\"NewsBTC\",\"url\":\"https:\/\/uniquehot.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"contentUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"width\":157,\"height\":46,\"caption\":\"NewsBTC\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/newsbtc\",\"https:\/\/x.com\/newsbtc\",\"https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/08a2c46e8c02b51b9464d6e0bf2b1586\",\"name\":\"Dalmas Ngetich\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g\",\"caption\":\"Dalmas Ngetich\"},\"description\":\"Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/\",\"https:\/\/x.com\/Dalmas_Ngetich\"],\"url\":\"https:\/\/uniquehot.com\/author\/dalmasngetich\/\"}]}<\/script>\n","yoast_head_json":{"title":"How A South Korean Crypto Trader Lost Nearly $1 Million Trying To Short Bitcoin","description":"Sotto, a Korean trader, lost nearly $1 million trading Bitcoin futures, reports on March 15 indicate. BTC recently rose above $26,000.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/","og_locale":"en_US","og_type":"article","og_title":"How A South Korean Crypto Trader Lost Nearly $1 Million Trying To Short Bitcoin","og_description":"Sotto, a Korean trader, lost nearly $1 million trading Bitcoin futures, reports on March 15 indicate. BTC recently rose above $26,000.","og_url":"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/","og_site_name":"NewsBTC","article_publisher":"https:\/\/www.facebook.com\/newsbtc","article_published_time":"2023-03-15T10:50:06+00:00","article_modified_time":"2024-06-11T12:56:31+00:00","og_image":[{"width":864,"height":486,"url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/bitcoin.jpeg?fit=864%2C486","type":"image\/jpeg"}],"author":"Dalmas Ngetich","twitter_card":"summary_large_image","twitter_creator":"@Dalmas_Ngetich","twitter_site":"@newsbtc","twitter_misc":{"Written by":"Dalmas Ngetich","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/#article","isPartOf":{"@id":"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/"},"author":{"name":"Dalmas Ngetich","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/08a2c46e8c02b51b9464d6e0bf2b1586"},"headline":"How A South Korean Crypto Trader Lost Nearly $1 Million Trying To Short Bitcoin","datePublished":"2023-03-15T10:50:06+00:00","dateModified":"2024-06-11T12:56:31+00:00","mainEntityOfPage":{"@id":"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/"},"wordCount":525,"publisher":{"@id":"https:\/\/uniquehot.com\/#organization"},"image":{"@id":"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/#primaryimage"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/bitcoin.jpeg?fit=864%2C486","keywords":["bitcoin","bitcoin liquidations","bitcoin longs","Bitcoin Shorts","bitcoin trading","Sotto"],"articleSection":["Cryptocurrency Market News"],"inLanguage":"en-US","copyrightYear":"2023","copyrightHolder":{"@id":"https:\/\/uniquehot.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/","url":"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/","name":"How A South Korean Crypto Trader Lost Nearly $1 Million Trying To Short Bitcoin","isPartOf":{"@id":"https:\/\/uniquehot.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/#primaryimage"},"image":{"@id":"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/#primaryimage"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/bitcoin.jpeg?fit=864%2C486","datePublished":"2023-03-15T10:50:06+00:00","dateModified":"2024-06-11T12:56:31+00:00","description":"Sotto, a Korean trader, lost nearly $1 million trading Bitcoin futures, reports on March 15 indicate. BTC recently rose above $26,000.","breadcrumb":{"@id":"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/#primaryimage","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/bitcoin.jpeg?fit=864%2C486","contentUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/bitcoin.jpeg?fit=864%2C486","width":864,"height":486,"caption":"bitcoin"},{"@type":"BreadcrumbList","@id":"https:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/uniquehot.com\/"},{"@type":"ListItem","position":2,"name":"How A South Korean Crypto Trader Lost Nearly $1 Million Trying To Short Bitcoin"}]},{"@type":"WebSite","@id":"https:\/\/uniquehot.com\/#website","url":"https:\/\/uniquehot.com\/","name":"NewsBTC","description":"Bitcoin &amp; Cryptocurrency News Today","publisher":{"@id":"https:\/\/uniquehot.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/uniquehot.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/uniquehot.com\/#organization","name":"NewsBTC","url":"https:\/\/uniquehot.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/#\/schema\/logo\/image\/","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","contentUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","width":157,"height":46,"caption":"NewsBTC"},"image":{"@id":"https:\/\/uniquehot.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/newsbtc","https:\/\/x.com\/newsbtc","https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw"]},{"@type":"Person","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/08a2c46e8c02b51b9464d6e0bf2b1586","name":"Dalmas Ngetich","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g","caption":"Dalmas Ngetich"},"description":"Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"How A South Korean Crypto Trader Lost Nearly $1 Million Trying To Short Bitcoin","url":"http:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/bitcoin.jpeg?fit=864%2C486"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin liquidations","bitcoin longs","bitcoin shorts","bitcoin trading","sotto"],"dateCreated":"2023-03-15T10:50:06Z","datePublished":"2023-03-15T10:50:06Z","dateModified":"2024-06-11T12:56:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"How A South Korean Crypto Trader Lost Nearly $1 Million Trying To Short Bitcoin\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/how-a-south-korean-crypto-trader-lost-nearly-1-million-trying-to-short-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/bitcoin.jpeg?fit=864%2C486\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin liquidations\",\"bitcoin longs\",\"bitcoin shorts\",\"bitcoin trading\",\"sotto\"],\"dateCreated\":\"2023-03-15T10:50:06Z\",\"datePublished\":\"2023-03-15T10:50:06Z\",\"dateModified\":\"2024-06-11T12:56:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/bitcoin.jpeg?fit=864%2C486","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/523170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=523170"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/523170\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/523000"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=523170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=523170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=523170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}