James Wynn, a well-known figure in the crypto community for his high-leverage trades, has suffered a massive financial blow, losing $99 million in just seven days after a series of failed Bitcoin bets.
Wynn first rose to fame by turning $500,000 into $87 million within two months through bold leverage plays on tokens like PEPE, TRUMP, and FARTCOIN. Specifically, he made $23.8 million from a 10x long on PEPE, $6.83 million from TRUMP, and $4.48 million from FARTCOIN. On May 22, he was still up $39 million from a $1.14 billion Bitcoin position.
However, his luck quickly ran out. Here’s how Wynn’s downfall unfolded:
- May 24: Wynn doubled down with a $1.25 billion BTC long, only to face a $13.4 million unrealized loss within hours.
- May 25: He flipped to a $1 billion BTC short, which led to another $15.87 million loss in just 15 hours.
- May 30: When Bitcoin fell below $105,000, his positions were liquidated, costing him 949 BTC—worth around $99.3 million.
The Bitcoin market has seen renewed volatility amid ongoing U.S. court debates over Trump-era tariffs. According to Coinglass, over $200 million in BTC long positions were liquidated in the past 24 hours alone.
While Wynn lost everything, another trader seized the moment. A wallet identified as 0x2258 successfully counter-traded Wynn’s positions, going short when Wynn went long and vice versa. This strategy earned the trader an impressive $17 million in profit, according to LookonChain.
Despite his losses, Wynn stated that his “comeback will be forcious.” But with all his assets wiped out, whether he can bounce back remains uncertain.
