GCR has claimed he was becoming increasingly gloomy on the cryptocurrency market, which had just completed a 20-month bull run with no indications of slowing down. He claims to have put together a sprinkling of part-time crypto researchers to pull off the trade, from a professional poker champion to a medical student. They communicated their findings in a Discord channel and traded privately.
GCR claims to have shorted roughly 30 different tokens across numerous platforms. In January, he shared a screenshot of a trading dashboard from the FTX cryptocurrency exchange, reportedly showing large winnings from the gamble.
Over 13 years, the cryptocurrency business has made millionaires who were early adopters of bitcoin and stayed on to the commodity while its value climbed up. Timing these quick market cycles has proven even more difficult in the notoriously volatile realm of cryptocurrency. Indeed, it’s impossible to say whether profitable deals can be repeated in the future.
GCR’s story also provides a glimpse into the strange world of crypto markets. Individual traders occasionally band together to speculate on unpredictable asset prices, hoping their collective assessment is correct. All the accomplices were asked to be identified by their Twitter and Discord nicknames rather than their proper names.
On the other hand, GCR has a following, as indicated by the high five-figure Twitter following he has amassed in the last year.
