According to a report by blockchain analytics firm Lookonchain, a high-leverage cryptocurrency trader using the alias James Wynn was liquidated for approximately $4.8 million on Wednesday.
Lookonchain reported that Wynn opened a leveraged position of $4.8 million with $197,000 in stablecoins on Tuesday. "A strong comeback, to take back what belongs to me," Wynn said while placing his bet on Tuesday.
Wynn established a 40x long position on 34 Bitcoin (BTC), worth $3.85 million; a 10x long position on 122 million KingPepe (kPEPE) meme tokens, worth $917,000; and a 10x long position on 712 Hyperliquid (HYPE), worth $28,000, but by Wednesday, he had nearly lost it all.
Data from the Hypurrscan blockchain explorer shows that as of the time of writing, the wallet associated with Wynn has a balance of $63,133.
"It seems that every time he returns to Hyperliquid to open a new position, it doesn't take long before he gets liquidated," Lookonchain wrote, highlighting the dangers of leveraged trading and the potential for rapid, massive losses.
Wynn gained significant attention in the crypto community for making and losing hundreds of millions through trading leveraged cryptocurrency perpetual futures contracts, which are similar to traditional futures contracts but have no expiration date.
Many exchanges allow traders to use leverage or margin to establish positions many times larger than their collateral, making it possible to achieve astonishing gains and catastrophic losses in a short period.
Wynn made headlines in May when he was liquidated for $100 million after the price of BTC fell to $105,000, liquidating his BTC long position.
However, just days after Wynn requested donations from fans on social media so he could continue trading, he placed another $100 million leveraged BTC order.
The second $100 million leveraged position was also liquidated, prompting Wynn to temporarily disable his X social media account and take a break from the high-leverage cryptocurrency trading world.
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Original article: “High-Leverage Trader James Wynn Liquidated Again, Losing $4.8 Million”
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