Millionaire crypto leverage trader James Wynn was liquidated for nearly $25 million in Bitcoin after betting on a price increase.
On June 4, on-chain analysis platform Lookonchain reported on X platform that James was liquidated for 240 Bitcoins (BTC) and "manually closed some positions to lower the liquidation price."
Lookonchain added that James currently still holds 770 Bitcoins, worth about $80.5 million, with a liquidation price of $104,035.
Data from Hypurrscan shows that this trader currently has an unrealized loss of nearly $1 million on his 40x leveraged Bitcoin long position.
After the liquidation, James posted on X platform, claiming that the market was being manipulated against him. He also separately requested donations to "support his cause of exposing market manipulation."
James rose to prominence after making a series of large high-leverage Bitcoin bets through the trading platform Hyperliquid, where information about James's positions is publicly available.
He initiated a $1.25 billion bet on May 24, going long on Bitcoin with 40x leverage, just a day after suffering a $29 million loss.
A day later, James closed his long position and opened a $110 million short position in Bitcoin.
On May 29, Lookonchain and Arkham Intelligence reported that James had incurred a $100 million loss within that week.
Despite the recent losses not shaking him, James still hopes to earn $1 billion, and earlier this week he initiated a second $100 million leveraged long Bitcoin position.
After James's $100 million liquidation, Binance co-founder Changpeng Zhao proposed creating a dark pool perpetual swap decentralized exchange (DEX), stating that it could combat market manipulation.
Changpeng Zhao noted that due to the transparency of DEXs, people can see orders in real-time, which may lead to issues like front-running and slippage, while liquidation issues are more severe on perpetual DEXs.
Although the concept of dark pools is new in the cryptocurrency space, this function has existed in traditional finance for decades.
Dark pools provide liquidity and anonymity for institutional investors while keeping their trades confidential from retail investors. While dark pools can be cost-effective, the lack of transparency may also lead to conflicts of interest.
Related: Binance cracks down on bot abuse in Alpha token program
Original article: “Crypto leverage trader James Wynn loses $25M in Bitcoin bet”
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