A wallet linked to TechnoRevenant borrowed $3M USDC against 744K HYPE ($61.3M) on Hypercore, then lost $1.7M on Papertrade.

Those losses earned him 136M PAPER, making him the second-largest PAPER holder and the trader with the largest realized perp loss on the platform. So far he has earned back $1.051M USDC in staking rewards, leaving him down about $650K.

Before staking rewards, his average cost was ~$0.0125 per PAPER, the highest among the top five holders.

https://exchange.papertrade.xyz/portfolio?view=0x26b61e7ec6ccd97df9836e3358c8c92d4fa79a13

The largest PAPER holder did $10.1B in volume and lost $980K, receiving 252M PAPER, almost double TechnoRevenant’s holdings. He has already received more than $1.18M in staking rewards, putting him about $200K in profit. His average cost was ~$0.0039 per PAPER, less than a third of what TechnoRevenant paid.

https://exchange.papertrade.xyz/portfolio?view=0x35b29bdd690f95fe35c9645f21866b04616295a7