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. “Back with a vengeance, coming to get what’s rightly mine,” Wynn said on Tuesday as he made his wagers.
He opened 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), estimated at $28,000, before losing nearly all of it 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 establish new positions, it doesn’t take long before he gets wiped out,” Lookonchain noted, underscoring the risks of leveraged trading and the potential for swift, massive losses.
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Wynn gains notoriety in the crypto community for significant liquidations
Wynn has become well-known in the crypto space for making and losing hundreds of millions of dollars through trading leveraged crypto perpetual futures contracts, which resemble traditional futures contracts but do not have an expiration date.
Numerous exchanges permit traders to use leverage, or margin, enabling them to take positions several times larger than their deposited collateral, resulting in the possibility of rapid gains and catastrophic losses.
Wynn attracted attention in May when he was liquidated for $100 million after the price of BTC plummeted to $105,000, leading to the liquidation of his long BTC positions.
Yet, he bounced back with another $100 million leveraged BTC order just days later, after soliciting donations from his social media followers to continue trading.
This second $100 million leveraged position was also liquidated, prompting Wynn to temporarily deactivate his X social media account and take a brief hiatus from high-leverage crypto trading.
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