QuadrigaCX Co-founder Earns $760,000 on UST Thanks to Asset's Crash
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Michael Patryn, co-founder of bankrupt Canadian exchange QuadrigaCX, has taken advantage of the falling price of the algorithmic crypto TerraUSD (UST) and earned approximately $760,000.

Yesterday, UST lost its parity with the dollar and fell below $0.62 dragged down by correction suffered by the crypto market.

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According to PeckShield, Patryn traded approximately 2.8 million USDT for 3.88 million UST when the price of the latter was near a low of $0.72. A few hours later, UST recovered to levels near $1. The trader then sold 3.88 million UST for 3.56 million USDT. Profits from the transactions amounted to approximately $760,000.

It should be noted he sent part of the funds to the Avalanche network.

Cryptocurrency exchange QuadrigaCX went bankrupt in 2019, resulting in users losing about $137 million.

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