James Wynn Faces $1M Unrealized Loss Despite Holding $80M in BTC

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High-stakes crypto trader James Wynn is once again in the spotlight after losing $25 million on a massive Bitcoin bet. Wynn, known for swinging enormous trades on the Hyperliquid platform, was liquidated for 240 BTC despite trying to manually adjust his position to avoid it. Still holding 770 BTC, worth over $80 million, he now faces nearly $1 million in unrealized losses on his latest 40x long trade as per Hypurrscan data. 

He went viral after turning $0 into $87 million in just 70 days through his bold and risky trades. He made millions betting on meme coins like PEPE and TRUMP, and even had a massive $1.14 billion long position on Bitcoin that showed $39 million in profits. 

From Billion-Dollar Bets to Blame

This loss follows a wild trading streak where Wynn had earlier placed a $1.25 billion leveraged bet on Bitcoin after a $29 million loss, only to flip positions with a $110 million short the very next day. By May 29, reports from Lookonchain and Arkham Intelligence revealed Wynn had hemorrhaged $100 million in a single week. His most recent $100M long position also failed, further intensifying the drama.

Now, Wynn alleges the market is being manipulated against him and has even called for donations to help fund his mission to expose this “rigged” system.

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CZ Floats Dark Pool DEX Solution

In the wake of Wynn’s massive liquidation, Binance co-founder Changpeng Zhao chimed in, proposing a dark pool DEX to address transparency issues in perpetual trading. According to CZ, the real-time visibility of orders on DEXs enables front-running and slippage, worsening liquidations like Wynn’s. He believes dark pools, long used in traditional finance, could offer privacy and fairness to large traders.

This million-dollar wipeout is a stark lesson for all crypto users to invest their funds with proper research and not to follow the trading strategies of influencers.