Michael Bury sat in a drawdown of hundreds of millions of dollars for 2+ years, fighting off lawsuits from his investors, until the market turned around and went his way, making his investors and himself some of the richest people on Wall Street. The deal that made him a legend, which was later made into a super-grossing movie, "The Big Short." In theory, everything was simple, especially when you look at the history and the chart after the fact. But in practice, such profits had to be earned. With patience and healthy balls.
🤬 In just a couple of hours, $600 million worth of long positions have already been liquidated.
In total, $1.5 billion worth of liquidations were made in the past 24 hours, of which $1.22 billion were long positions.
Tyranny over the mind is the most dangerous tyranny of all. Thomas Jefferson understood that a government — or any authority — that controls what people think controls everything. His vow of eternal hostility against it is as relevant today as it was 250 years ago.
$230,000 in donations to drain $2,500,000 in seven seconds.
Kid in a green hoodie was scalping memecoins on Photon. Friday night. 37,400 people watching him click through new pairs.
Six months ago a handle started donating to his streams. Not the meme one-cent donations. Real money. $50, $200, sometimes $1,000 in a single sitting. By March the chat had a running joke about who that guy even was. By May he was getting read first. The stream had a regular.
Across six months that handle donated $230,000.
Every memecoin streamer has a "big donor." Most of them you don't think about. You assume they're a degen who hit early. The kid did the same. Read his name on camera dozens of times. Let him into the close-friends Telegram. Sometimes asked his opinion on entries.
This is the part where it gets clever.
Friday night, mid-stream, that handle wrote the message that finally explained the donations. "bro you know all the tips i've been sending? it's profit from a solana sniper i built myself. been running it six months. i tip you 20% of every win. want to test it on stream? you'll see exactly how it pulls."
The math added up in real time, on camera. $230K in tips at 20% implied roughly $1.15M in bot profits over six months. A believable number for a sniper that actually works. The kind of number every Photon trader wants to believe in.
He took the link.
The page looked like a clean local sniper dashboard - read the wallet, show available SOL, run a single demo trade. He'd seen ten of these. He connected Phantom. The dashboard asked him to sign one transaction to "authorize the bot to read pool data and execute the demo entry." He signed.
It wasn't a demo. It wasn't a read approval. It was a full delegated spend on every token in the wallet. -239,429 SHOGG to a wallet ending 7Jw...K366. Then the next token. Then the next. Phantom went from $2.5M to $11,145.44 in seven seconds. He was still narrating what the bot was supposedly doing.
cold. $2.5M Solana wallet. Streaming under that handle on the same setup he uses to call his friends.
The donor handle deleted its entire history the same minute. The close-friends Telegram closed. Whoever was behind it had wired $230,000 into a single audience over six months just to make one link feel like the gift their relationship had been building toward.
This wasn't a phishing attack. It was a venture investment with one exit. ROI: 987%.
About thirty people in chat typed "DONT SIGN" while it was happening. He wasn't reading chat in that segment. He was narrating his own trade.
His roommate came running when he heard the scream. Stood in the doorway. Didn't say anything. The clip is on Twitter now. The original stream had 37,400 viewers. The clip has more.
The wallet is still up. The recent activity panel is still open. The screens are still on. Nobody is at the desk.
He wanted to test someone else's bot. The bot worked exactly as designed.