James Wynn, a pseudonymous high-leverage crypto trader, liquidated $4.8 million on Wednesday, according to blockchain analytics company LookOnchain.
Wynn opened $4.8 million in leveraged positions with $197,000 in StableCoins on Tuesday, LookOnchain reported. “Coming back with a vengeance, coming to get what’s right,” Wynn said on Tuesday as he placed his bet.
Wynn opened a 40x long position at 34 Bitcoin (BTC), worth $3.85m, a 10x long in 122,000,000 Kingpepe (KPEPE) meme tokens, worth $917,000, and a 10x position in 712 hyperliquid (Hype), worth $28,000, before losing most of it on Wednesday.
The wallet associated with Wynn showed a balance of $ 63,133 at the time of this writing, data from Hypurrscan Block Explorer shows.
“It seems that every time he returns to Hyperliquid to open new positions, it doesn’t take long for him to be liquidated,” LookOnchain wrote, highlighting the risks of leveraged trading and the potential for rapid, outsized losses.
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Wynn has become famous in the crypto community for its large liquidity
Wynn has gained wide notoriety in the crypto community for making and losing hundreds of millions of dollars by trading 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 many times larger than their posted collateral, making meteoric gains and catastrophic losses within a short time possible.
Wynn made headlines in May when he was Liquidated for $ 100 million After the BTC price dropped to $105,000, he took out his long BTC position.
However, he returned Another $100 million BTC leveraged order Days later, after Wynn asked followers on social media to donate so he could continue trading.
A 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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