Ethereum investor loses over $100 million due to price drop. Learn about the impact on the Sky platform and DeFi protocols.
A major Ethereum investor on the decentralized lending platform Sky lost over $100 million due to the Ethereum price drop. The Ethereum whale lost 67,570 Ether worth around $106 million when the asset’s price dropped approximately 14% on April 6. This liquidated his collateralized debt position on Sky. The Sky protocol, formerly known as Maker in August, is used by DeFi participants to create collateralized debt positions by providing digital assets, in this case Ethereum, to borrow stablecoins like DAI. The liquidation occurred when the collateral-to-debt ratio reached 144% as the Ethereum price plummeted.
