- Crypto trader James Wynn used over $20,000 in donations to fuel a high-risk bet on the Hyperliquid exchange.
- The funds boosted his $100 million Bitcoin position, placed at 40X leverage, slightly moving his liquidation threshold.
- Wynn previously reported losing over $100 million in the weeks after initially making $100 million in profits.
- He solicited donations from followers, promising to return contributions 1:1 and citing a goal to “fight the market-making cabal.”
- Hyperliquid’s HYPE token reached an all-time high, with May trading volumes climbing to $244 billion.
On June 2, blockchain analytics platform Arkham reported that crypto trader James Wynn deposited more than $20,000 in donations into his account on the Hyperliquid trading platform. Wynn claimed these donations were intended to help “defeat the cabal,” a term he used to refer to large market makers.
The deposit increased Wynn’s available margin for his $100 million leveraged Bitcoin position on Hyperliquid. This adjustment changed his liquidation price from $103,632 to $103,610, according to Arkham. Wynn placed this 40X leveraged position shortly after stating he would take a break from perpetual trading.
Records indicate Wynn previously made $100 million in trading profits but, over several weeks, lost it all and accumulated $17 million in losses. At one stage, Wynn’s balance on Hyperliquid was reduced to just over $16.
Wynn used his social media account to invite followers to send him the USDC stablecoin, assuring them he would repay the funds “1:1.” He encouraged supporters who wanted to “fight the market-making cabal” to contribute.
Throughout May, Wynn worked with influencer Andrew Tate to promote a cryptocurrency called Moonpig. Some observers, such as other industry users and well-known blockchain investigator ZachXBT, have questioned whether Wynn’s online activity is authentic or if he is acting as a paid industry figure.
Meanwhile, the HYPE token native to Hyperliquid hit record price levels, and the platform’s DeFi/hyperliquid-reaches-a-tenth-of-Binance-with-244bn-volume/”>trading volume reached $244 billion in May. These developments took place as Wynn continued to attract attention for his high-stakes bets and public fundraising efforts.
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