Investigations
Who did what, and how it ended. Every story is rebuilt from public exchange records: trades, accounts, transfers. The addresses are open, so anyone can check every number.
The ZEC bear left in two steps. On 20 September, between 19:28 and 20:15, he bought back all 38,000 ZEC at an average of 1,513 and booked a $32.0M loss. Today, between 10:28 and 10:32, he sold all 1,333 BTC at 84,455 for a $8.53M gain, pulled the 78,000 bid and ended up holding $147M in cash. The refill whale reached the end of his countdown: after two more top-ups on 18 September he had put in $4.82M in total, and he has drained the trading account, though $400k of his still sits in spot. The whale liquidated for 911 BTC on 11 September was liquidated twice more today, at 82,592 and 82,794. The buyer has moved to ether and sits short 4,000 ETH, 1.1% from his liquidation price. And the whale who was $35.7M down has won back $9.7M on ether longs.
as of 21.09.2026, 10:45 UTC; we'll finish the stories when the countdown runs outAll stories
$5.2M in, $68.4M out, and the seller is back in the game until 30 October
In August 4,709 bitcoin calls at 70,000 were sold for $5.2M. On 25 September buying them back cost $68.4M, and the same record block sold October ones for $71M.
$68.4M to buy backThree weeks under water, then up 177%: how they held and took $8.7M on ether
In July 21,929 ether calls were bought at 1,950; on 22 September all were sold at 2,730: $4.85M became $13.56M. And about 4,000 more calls were sold from zero, a bet on a 2,860 to 3,200 ceiling into March.
+$8.7M in 57 daysUp $69M. And not one bet on where price goes
The exchange paid two wallets $69.1M over twenty months. They do not trade direction: they buy the coin on spot and short its perpetual in the same second. The $204M loss on the shorts is the second leg, not a loss.
$69.1M collected in fundingDown $30M on ZEC. And a 1,640 BTC wall at 78,000
A 38k ZEC short held since June closed on 20 September, down $32M. The next morning the whale sold all 1,333 BTC too, pulled his 78,000 wall and went to cash.
$23.5M lost across two exitsUp $44.8M a year ago. Down $35.7M today. And 25x again
Up $44.8M a year ago with $50M in the account. 260 top-ups, not one withdrawal. Today he's at -$26.0M, long 31,450 ETH, with his first sell orders up.
+$44.8M a year ago, $26.0M down todaySix seconds: one lost $1.59M, the other made $156k
A 911 BTC long at 40x leverage, liquidated in six seconds: the wallet lost $1.59M. In those same seconds another wallet's bid bought part of the sale.
-$1.59M in 6 seconds$3.95M on one strike. A day later, +$2M. Four days later, zero
9,000 calls on one strike in two days. Up $2M on paper on the morning of 9 September. By 12 September all three expiries had gone out worthless.
$3.95M in premium, zero at settlementTen refills in 27 days: $4.32M in, $1.04M left
Twelve refills, $4.82M put in, $3.57B traded at 40x. Up almost a million at the peak. On 21 September the trading account is empty and $400k sits in spot.
$4.82M in, $3.85M lostCase #2206: smart money bet $750,000 against the news and won
Everyone was hunting for a “pump insider”. We rewound the trade feed a week and found a patient bearish structure that sat through -50% without a single trade.
≈ +$1.39M