7 Siblings Faces $27.7M Loss After ETH Purchase on Spark

7 Siblings, a major player in the crypto lending space, has incurred a floating loss of $27.7 million following a strategic move on the Spark protocol. The group deposited 596,800 ETH, valued at approximately $1.765 billion, into Spark, becoming its largest depositor. They borrowed 193 million stablecoins, including DAI, USDT, and USDS, which were used to purchase 49,287 ETH during a market dip last October and November at an average price of $3,531.

The strategy has not yet paid off, as the current market conditions have led to a significant unrealized loss. Notably, “7 Siblings” controls several of the largest addresses on Spark, including the 2nd to 7th, 10th, and 11th largest, highlighting their substantial influence within the platform.