James Wynn, a pseudonymous high-leverage crypto trader, was liquidated for about $4.8 million on Wednesday, according to blockchain analytics company Lookonchain.
Wynn opened up $4.8 million in leveraged positions with $197,000 in stablecoins on Tuesday, Lookonchain reported. “Back with a vengeance, coming to get what’s rightly mine,” Wynn said on Tuesday as he placed his bets.
Wynn opened a 40x long position on 34 Bitcoin (BTC), valued at $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), valued at $28,000, before losing nearly all of it by Wednesday.
Source: LookonchainThe wallet associated with Wynn showed a balance of $63,133 at the time of this writing, data from the Hypurrscan block explorer shows.
“It seems every time he returns to Hyperliquid to open new positions, it doesn’t take long before he gets wiped out,” Lookonchain wrote, highlighting the dangers of leveraged trading and the potential for rapid, outsized losses.
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Wynn becomes famous in crypto community for huge liquidations
Wynn has gained widespread notoriety in the crypto community for making and losing hundreds of millions of dollars through trading leveraged crypto perpetual futures contracts, which are similar to traditional futures contracts but feature no expiration date.
Many exchanges allow traders to use leverage, or margin, to take positions several times larger than their posted collateral, making meteoric gains and catastrophic losses within a short time frame possible.
Wynn made headlines in May when he was liquidated for $100 million after the price of BTC dropped to $105,000, taking out his long BTC positions.
However, he came back with another $100 million leveraged BTC order days later, after Wynn asked followers on social media to donate so he could continue trading.
The second $100 million leveraged position was also liquidated, prompting Wynn to temporarily deactivate his X social media account and take a short break from the world of high-leverage crypto trading.
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Source: https://cointelegraph.com/news/james-wynn-liquidated-4-8-million?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
