The crypto investment firm withdrew the tokens from Coinbase Prime after an earlier AAVE-to-SKY swap in March and is now sitting on an estimated unrealized loss of $1.72 million.
ParaFi Capital increased its SKY position by 56 million tokens worth $2.98 million roughly one hour earlier on July 2, withdrawing the tokens from Coinbase Prime, according to on-chain analyst Ember cited by Odaily. The firm had already exchanged 42,500 AAVE for 70 million SKY in early March when AAVE was at $124. Following the latest transfer, ParaFi now holds 126 million SKY worth $6.64 million. Ember estimated the position’s average cost at about $0.066 per token, leaving the firm with an unrealized loss of $1.72 million.