A crypto investor, following a high-risk investment strategy, turned a $300,000 investment in altcoins into approximately $3.23 million in one month. The anonymous investor’s success was achieved through trading in low-volume altcoins.
According to the report by on-chain data provider Lookonchain, the investor increased a $315,000 investment tenfold to $2.98 million in as little as one month.
After the investor’s earnings story emerged, their assets reached $3.23 million and continued to rise.
According to Lookonchain data, a large portion of the investor’s gains came from an altcoin named MultiBit (MUBI). This altcoin, which acts as a bidirectional bridge between Bitcoin and Ethereum, has seen its price increase by 4729% since its launch.
The investor purchased 10.27 million MUBI three days after the altcoin was launched by spending 38.33 Wrapped Ethereum (WETH) valued at $75,500. Now worth $2.61 million, the investor has made an unrealized profit of $2.53 million from MUBI alone. However, there are some challenges in converting the MUBI investment into cash and turning the unrealized profit into realized gain. High-volume sales of MUBI could directly affect the price of the altcoin and the price may drop during the sale, making it impossible to pocket the full profit displayed on the screen. It is indicated that the investor’s earnings were not limited to MUBI alone, as they also made profits by trading multiple altcoins.