TechnoRevenant-linked wallet loses $1.7M, becomes second-largest PAPER holder

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A wallet linked to TechnoRevenant deposited 744,000 HYPE on Hypercore to borrow 3 million USDC, later losing $1.7 million on Papertrade. The wallet received 136 million PAPER tokens, becoming the second-largest holder and the platform’s largest perpetual contract loser. Staking rewards of 1,051,000 USDC reduced the net loss to approximately $650,000. The incident underscores significant on-chain developments in the crypto news landscape.

Odaily Planet Daily reports: The wallet associated with TechnoRevenant pledged 744,000 HYPE on Hypercore, borrowed 3 million USDC, then incurred a $1.7 million loss on Papertrade, subsequently receiving 136 million PAPER tokens—making it the second-largest PAPER holder and the platform’s largest realized perpetual contract loser.

To date, the wallet has earned back 1.051 million USDC in staking rewards, resulting in a net loss of approximately $650,000. Before accounting for staking rewards, its average cost for PAPER was about $0.0125 per token, the highest among the top five holders.

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