James Wynn, a pseudonymous high-leverage crypto trader, was liquidated for approximately $4.8 million on Wednesday, as reported by blockchain analytics firm Lookonchain.
Wynn initiated $4.8 million in leveraged positions using $197,000 in stablecoins on Tuesday, according to Lookonchain reported. “Back with a vengeance, coming to get what’s rightly mine,” Wynn remarked on Tuesday while placing his bets.
Wynn established a 40x long position on 34 Bitcoin (BTC), worth $3.85M, a 10x long on 122,000,000 KingPepe (kPEPE) meme tokens, valued at $917,000, and a 10x position on 712 Hyperliquid (HYPE), worth $28,000, before almost losing everything by Wednesday.
The wallet associated with Wynn reflected a balance of $63,133 at the time of writing, as shown by data from the Hypurrscan block explorer.
“It appears that every time he returns to Hyperliquid to open new positions, it doesn’t take long before he gets wiped out,” Lookonchain remarked, underscoring the risks of leveraged trading and the potential for quick, significant losses.
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Wynn becomes renowned in the crypto community for massive liquidations
Wynn has gained extensive notoriety in the crypto community for amassing and losing hundreds of millions of dollars via trading leveraged crypto perpetual futures contracts, which resemble traditional futures contracts but do not have an expiration date.
Numerous exchanges permit traders to utilize leverage, or margin, allowing positions several times larger than their posted collateral, enabling both astronomical gains and devastating losses in a brief period.
Wynn attracted media attention in May when he was liquidated for $100 million after the price of BTC fell to $105,000, resulting in the liquidation of his long BTC positions.
However, he returned shortly after with another $100 million leveraged BTC order, following Wynn’s plea on social media for donations to continue trading.
The subsequent $100 million leveraged position also faced liquidation, leading Wynn to temporarily deactivate his X social media account and take a brief hiatus from the high-leverage crypto trading scene.
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