The platform reported that a failed trading strategy led to losses in USDC, while open interest reached $50 million with around 600 counterpart traders.
Lighter clarified that a whale suffered an $8.2 million loss in USDC due to a failed long squeeze attempt involving the ARC token. According to the platform, open interest during the event reached $50 million, with approximately 600 traders positioned against the whale. Such large-scale liquidation events highlight the high volatility and leverage risks present in digital asset derivatives markets.