He's not losing money, he's buying coins at cheaper prices. Don't forget he had 2 if not 3 great opportunities to do a buy back. First at 20 $ (drop from 80) than at 12 (drop from 30). He's probably one of the early investors with over 100.000 coins. So he's is accumulating and selling every time the market recovers. He already did most of the damage.  That last dump at 12$ was the most humiliating and now everyone are moving away from the project. This is how human psychology works. When you're watching your favorite coin dropping months after months with no signs to recover you start despising it.