James Wynn, a pseudonymous high-leverage crypto trader, faced a liquidation of approximately $4.8 million on Wednesday, as reported by blockchain analytics firm Lookonchain.
On Tuesday, Wynn initiated $4.8 million in leveraged positions using $197,000 in stablecoins, according to Lookonchain reported. “I’m back with a vengeance, ready to reclaim what’s rightfully mine,” Wynn declared on Tuesday as he made his bets.
Wynn took a 40x long position on 34 Bitcoin (BTC), valued at $3.85M, a 10x long on 122,000,000 KingPepe (kPEPE) meme tokens, worth $917,000, and a 10x position on 712 Hyperliquid (HYPE), totaling $28,000, before nearly losing everything by Wednesday.
The wallet linked to Wynn displayed a balance of $63,133 at the time of writing, according to data from the Hypurrscan block explorer.
“It appears that every time he returns to Hyperliquid to initiate new positions, it doesn’t take long before he faces liquidation,” Lookonchain commented, emphasizing the risks of leveraged trading and the likelihood of swift, significant losses.
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Wynn gains fame in the crypto community for spectacular liquidations
Wynn has become widely recognized in the crypto community for oscillating between earning and losing hundreds of millions of dollars in trading leveraged crypto perpetual futures contracts, which differ from traditional futures contracts due to their lack of an expiration date.
Many exchanges permit traders to utilize leverage, or margin, to take positions significantly larger than their available collateral, leading to rapid profits and devastating losses within brief periods.
Wynn made headlines in May when he was liquidated for $100 million following a drop in BTC price to $105,000, which wiped out his long BTC positions.
Nevertheless, he returned with another $100 million leveraged BTC order shortly thereafter, after asking followers on social media for donations to support his trading activities.
The second $100 million leveraged position also met the same fate, leading Wynn to temporarily disable his X social media account and take a brief hiatus from high-leverage crypto trading.
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