Crypto millionaire and trader James Wynn lost over $25 million after his Bitcoin leveraged trade went wrong on Wednesday. He had predicted that BTC’s price would rise, but the coin trended downward, hitting his stop-loss.
According to on-chain data shared by Lookonchain on X, Wynn closed his position partially as Bitcoin’s price plummeted in an attempt to lower the estimated liquidation price, but still, the bears took him out.
It is worth highlighting that Wynn is holding another long Bitcoin trade worth over $80 million. Data on the Hyperliquid decentralized exchange indicates the liquidation price is at $104,036. At the time of writing, the trader is counting an unrealized loss of $998,364 on his long position.
Meanwhile, Wynn has claimed that the market makers are manipulating the Bitcoin market to liquidate him. He’s now seeking donations to ‘fund his mission’ to expose crypto market manipulation.
How Did Wynn Rise to Fame?
Wynn became popular on the X social media platform after revealing that he was the owner of the crypto address with large leveraged bets on Hyperliquid. His biggest Bitcoin bet was worth $1.25 billion. Interestingly, he placed that bet on May 24th, a few hours after losing $29 million in another trade.
The $1.25 billion trade was closed the next day, with Wynn opening a short position on Bitcoin worth $100 million.
Between May 24th and 30th, Wynn lost $100 million, according to Arkham Intelligence data. However, the losses did not stop him from placing more bets as he aims to make at least $1 billion from leveraged trades.
Binance CEO Proposes Dark Pool Decentralized Exchange
Following Wynn’s claims of market manipulation, Binance’s former CEO, Changpeng Zhao, has proposed developing a dark pool decentralized exchange (DEX) for leveraged trading to address the issue. The crypto guru explains that the transparency of traditional DEXs allows people to monitor opened positions in real-time, thus giving room for manipulation.
For starters, dark pools are designed to provide anonymity and liquidity to the whales and institutional investors. That means regular retail investors cannot see the trades of the said parties.
