Ethereum whale gets liquidated $106M on Sky amid crypto bloodbath

An Ether investor who had a large position on decentralized finance (DeFi) lending platform Sky has been liquidated to the tune of more than $100 million as the price of Ether crashed.  The Ether (ETH) whale lost 67,570 ETH worth around $106 million when the asset crashed by around 14% on April 6, liquidating his collateralized debt position on Sky, according to Maker Vaults explorer DeFi Explore, and as observed by Lookonchain. The Sky lending protocol, which rebranded from Maker in August, is used by DeFi participants to create collateralized debt positions by providing crypto, ETH in this case, to borrow the platform’s stablecoin, DAI (DAI). The system uses an overcollateralization ratio, typically 150% or higher, meaning that users need to deposit at least $150 worth of ETH to borrow 100 DAI source: https://cointelegraph.com/news/ethereum-whale-loses-106-million-maker-amid-crypto-bloodbath?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound