DeFi pioneer coughs up $50K after making bad bet on Ether
Ethereum OG Kain Warwick, the founder of Infinex and Synthetix, missed the mark by about $20,000.
Crypto executive Kain Warwick is set to pay up $50,000 after betting that Ether would hit $25,000 in 2025, joining one of many market participants who overestimated the speed of Ether’s recovery after its dip in October.
Ether (ETH) ended Dec. 31 trading at roughly $2,980, around 13.7% lower than where it started at the beginning of the year, according to CoinMarketCap.
Part of it was due to a $19 billion crypto market liquidation on Oct. 10 that triggered a downtrend, pushing Ether as low as $2,767 before it slowly crept upward again.