Lookonchain revealed that Andrew Kang, co-founder of crypto-focused venture capital firm Mechanism Capital, lost more than $430,000 in a single day due to the liquidation of his long positions following the recent crash of the digital asset market. 😱

Opened on August 18, Kang's positions included Bitcoin (BTC), Ethereum (ETH), and Arbitrum (ARB) and were traded with up to 100x leverage. However, he lost all 14 long trades that day due to the market crash and his risky strategy. Total damage was approximately $432,000. 💸

Twitter users stated that trading with such high leverage is equivalent to gambling and that investors should be more careful when entering the ecosystem.

As CryptoPotato previously reported, the crypto market crash, particularly bitcoin, which fell as low as $25,300 late last week, triggered liquidations of nearly $1 billion.

However, the largest single liquidation occurred on an ETH-BUSD transaction on Binance, wiping out one trader of more than $55 million.