James Wynn, a crypto trader, has just lost nearly $25 million after his high-leverage Bitcoin
$105,158.54
trade was liquidated.
He had bet that Bitcoin’s price would climb, but instead, the market turned against him.
According to blockchain data posted by Lookonchain on June 4, 240 BTC were wiped from his position, even though he had already reduced some of it to lower his liquidation risk.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
Proof of Work vs Proof of Stake: Which is Better? (ANIMATED)
Wynn still holds around 770 BTC, valued at about $80.5 million. However, if Bitcoin drops to $104,035, those funds could be liquidated too. Meanwhile, data from Hypurrscan shows that Wynn is currently facing a roughly $1 million unrealized loss on that position, which carries 40 times leverage.
After the liquidation, Wynn stated in a post on X that the market was being manipulated against him.
On May 24, just one day after losing $29 million, he opened a long trade worth $1.25 billion with 40 times leverage. He closed that position the following day and opened a $110 million short instead.
On May 29, Lookonchain reported that Wynn had lost $100 million over the course of the week.
Wynn first gained attention for making large, high-risk trades on Hyperliquid, a platform that shows users’ open positions to the public.
Meanwhile, on June 3, analyst Willy Woo reported that some of Bitcoin’s largest holders had been selling their assets. How much BTC have they sold? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
