James Wynn, a well-known figure in the high-risk world of leveraged crypto trading, has just taken another major hit. According to blockchain data shared by Lookonchain on June 4, Wynn was liquidated on a $25 million leveraged position after betting on a Bitcoin price rally.
The liquidation involved 240 BTC, despite Wynn manually trimming his exposure earlier in an attempt to lower his liquidation threshold.
Unrealized losses stack as Wynn continues leveraged trading
Wynn’s latest setback is part of a broader string of highly publicized trades. After being liquidated, onchain data revealed that Wynn still holds 770 BTC valued at roughly $80.5 million, with a liquidation level set at $104,035 per BTC.
Meanwhile, tracking tools from Hypurrscan show that he’s currently sitting on nearly $1 million in unrealized losses on his latest 40x long position.
Despite significant swings in both directions, Wynn hasn’t backed down. He originally entered the spotlight for placing multi-million dollar high-leverage bets on the Hyperliquid platform, where wallet activity and open positions are transparent to the public.
In May alone, he placed a $1.25 billion long on Bitcoin, just one day after reportedly losing $29 million. That position was closed the following day, with Wynn flipping to a $110 million short.
By the end of May, reports from Lookonchain and Arkham Intelligence suggested Wynn had lost approximately $100 million in a single week.
Yet in early June, Wynn re-entered the market with another $100 million long, maintaining his goal of turning his strategy into a billion-dollar gain.
Accusations of manipulation and public fundraising raise questions
Following the most recent liquidation, Wynn took to X, accusing unnamed actors of manipulating the market against him.
He also posted a call for donations to fund what he claims is an effort to expose manipulation in the crypto derivatives space.
While Wynn’s outsized positions and open-book strategy continue to draw attention, they also highlight the volatility and risk involved in using high leverage, particularly in crypto markets where liquidity and price movements can swing quickly.
