Crypto Trader Reveals How He Lost $3M+ Trading Solana (SOL) and NFTs So You Don’t Repeat Them

Veteran crypto trader Koroush AK recently posted a raw Twitter thread sharing key failures and lessons learned after 7 years of trading digital assets. He discloses losing over $3 million due to overconfidence, divided attention, blind trust, and loyalty to now defunct exchange FTX. Here’s a look at the hard-won wisdom forged through his losses.

1. The Pitfall of Overconfidence (2018/2019)

Koroush AK was deeply immersed in the world of altcoins during the 2018/2019 bull market, finding success seemingly effortless, with 50x moves on $SOL being commonplace. However, this ease bred overconfidence, leading him to believe he could seamlessly transition to navigating NFTs.

An initial investment of $50,000 in NFTs quickly turned into a $200,000 profit, reinforcing reckless habits and fostering a false sense of genius. A subsequent, more substantial investment of ~$300,000 dwindled to nothing.

Lesson Learned: Excellence in one domain does not guarantee success in another. Diversification requires careful consideration and understanding of each new venture.

2. Juggling Multiple Ventures

Koroush AK’s endeavors extended to yield farming, managing seven figures in this domain. The early entry into this sphere resulted in substantial profits, but returns eventually diminished. Despite withdrawing most of his capital, remaining funds experienced a six-figure loss due to 3AC crashing.

Lesson Learned: Every investment demands respect and meticulous attention. It’s crucial to either maintain close oversight or to exit fully to avoid unnecessary losses.

3. The Consequences of Blind Trust

A significant investment in an unfamiliar industry, based on trust in an individual, resulted in a mid-six-figure loss for Koroush AK. Despite assurances of progress and profitability, the funds were drained in six months, followed by a complete communication blackout.

Lesson Learned: Understanding the industry is paramount. Blind trust can lead to irreversible financial damage; thorough knowledge of the industry is indispensable, or the deal should be avoided.

4. The Illusion of Security with FTX

Koroush AK’s trust in Sam Bankman-Fried (SBF) and FTX, perceived as the “most regulated” and “secure” crypto exchange, led to a seven-figure loss when he chose not to move his funds amidst rising FUD (Fear, Uncertainty, Doubt).

Lesson Learned: Trust should be placed in actions, not in the public personas that individuals portray. It’s essential to be discerning and to remember that the public only sees what individuals want to show.

Conclusion:

Koroush AK’s journey underscores the importance of acknowledging not just the wins, but also the losses in the cryptocurrency landscape. Each failure carries a lesson, emphasizing the need for caution, knowledge, and discernment in every investment decision. The volatile nature of the cryptocurrency market demands constant vigilance, a clear understanding of each venture, and a healthy dose of skepticism to navigate its tumultuous waters successfully.’

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

CaptainAltcoin
Logo