High-leverage crypto trader James Wynn loses another $25 million in partial liquidation of latest multi-million Bitcoin bet

James Wynn, a high-stakes crypto trader who rose to prominence after placing a failed $1.25 billion bet on Bitcoin, lost about 240 BTC, worth roughly $25 million, in a liquidation event on Wednesday, according to LooksOnChain and on-chain data.

Wynn also closed part of his position in an attempt to prevent further losses.

This is part of Wynn’s second leveraged Bitcoin position taken out for nearly $100 million just days after his highest-profile loss to date.

The trader still has an open long position of $82 million on Bitcoin at 40x leverage, with a liquidation price of $103,930. Wynn, thought to be a multi-millionaire, currently faces a P&L (i.e., profit and loss) of about negative $906,000 as of Wednesday. His entry price was $106,066.

Bitcoin, the first and largest cryptocurrency by market capitalization, is currently trading near $105,000, according to The Block’s data page. 

Wynn, also known as "moonpig," gained notoriety for his massive, risky trades on the decentralized perpetual futures platform Hyperliquid in May, including an $830 million BTC long position that was scaled up to $1.25 billion before ultimately being liquidated, resulting in losses well over $100 million for the trader. 

The trader closed out May with just $37 in his account, after taking similarly failed swings on memecoins like Fartcoin, PEPE, and TRUMP as well as “majors” like ETH and SUI. At times, these have been profitable trades — had he taken money off the table. Despite his notable public losses, Wynn said over the weekend he plans to “run it back.”

Wynn’s association with Hyperliquid is currently unknown. Wintermute founder Evgeny Gaevoy has proposed the idea of becoming a paid actor to draw attention to the platform. For his part, Wynn has claimed that major market makers are deliberately targeting his liquidation price.

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