According to PANews, a crypto trader, known as Crypto Nerd, reported a significant loss of over $1 million overnight due to a sharp drop in the cryptocurrency market. The trader, who was operating on platform X, claimed that his leveraged long positions on PEPE, which were set at three times, were liquidated as a result of the market downturn. The sudden and severe market crash led to this substantial financial loss, highlighting the volatility and risk associated with cryptocurrency trading.