A wallet linked to TechnoRevenant lost $1.7 million on Papertrade and ended up with 136 million PAPER, making it the platform's second-largest PAPER holder. According to BlockBeats On-chain Detection, the address borrowed 3 million USDC on Hypercore by staking 744,000 HYPE, worth about $61.3 million, before taking the losses on Papertrade.

The trading losses also made the wallet the largest realized perpetual futures loser on the platform. So far, it has earned back 1.051 million USDC through staking rewards, leaving a net loss of about $650,000. Before staking rewards were counted, its average cost was about $0.0125 per PAPER, the highest among the top five holders.