Cryptocurrency Trader Loses $603,000 in Margin Trading, Steals $2 Million
Earlier today, it was revealed that 24-year-old trader Joseph Kim, who worked for a Chicago based firm Consolidated Trading, allegedly stole $2 million to cover losses he made in margin trading and personal investments in the cryptocurrency market.
Over $600,000 Lost Due to Greed....
High Risk Trades
It is important to acknowledge that high risk margin trading within the cryptocurrency market can lead to two drastic outcomes: a massive gain or a massive loss. Most traders struggle to deal with the initial loss and are tempted to initiate in more high risk trades to cover their losses. Ultimately, this type of trading method can lead to significant losses, especially if the initial amount used in margin trading is large.
Previously, Cornell professor Emin Gun Sirer encouraged traders within the cryptocurrency market to be wary of individuals that see easy answers regarding the short-term trend of cryptocurrencies in charts, as many factors contribute to the price trend of cryptocurrencies.
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