Crypto leverage trader James Wynn loses $25M on Bitcoin bet
James Wynn, a crypto trader, has been liquidated of nearly $25 million in Bitcoin after leveraging bets on price increases. He was liquidated for 240 BTC but still holds 770 BTC valued at approximately $80.5 million. Wynn faces an unrealized loss of nearly $1 million on a 40x long position. Following the liquidation, he claimed market manipulation and sought donations to support his cause. Wynn previously made a $1.25 billion bet on Bitcoin with 40x leverage, suffering a $29 million loss before switching to a $110 million short position. He incurred a total loss of $100 million within a week but initiated another $100 million long position afterward. In response to market manipulation concerns, Binance co-founder Changpeng Zhao proposed creating a dark pool perpetual swap decentralized exchange to enhance privacy and reduce front-running issues in trading. Dark pools, while providing anonymity and liquidity, can lead to conflicts of interest due to their lack of transparency.
