- James Wynn lost nearly $100 million on a bet with Bitcoin through Hyperliquid, a decentralized crypto exchange.
- Wynn has resumed trading, placing leveraged long positions on Bitcoin valued at $20 million.
- Leverage trading on Hyperliquid has surged, with investors allocating around $1.7 billion to leveraged positions in the past week.
- Wynn gained recognition from previous successful trades in memecoins, but has seen substantial losses in recent trades and token launches.
- Despite significant losses, Wynn continues to pursue high-risk, high-reward trading strategies, stating it is “all or nothing.”
James Wynn, known for his high-risk trades, recently took another major position on Bitcoin after previously losing almost $100 million on the decentralized exchange Hyperliquid. On July 15, Wynn returned to the platform and opened new leveraged positions worth $20 million, according to his statements and on-chain data.
He placed the bet just as the price of Bitcoin reached an all-time high before declining. Wynn called the moment “beautiful timing” to go long on Bitcoin. Hyperliquid allows users to trade with leverage up to 100x their investment, a feature usually out of reach for most individuals in traditional financial markets. According to DefiLlama, leveraged trading has increased, with roughly $1.7 billion in open positions on the platform in the past week.
Wynn initially rose to popularity on social media for his memecoin trades. In 2023, he correctly predicted the rapid rise of the Pepe token from $4.2 million to $11 billion in market capitalization and claims to have made eight figures in profit, though this has not been independently verified. Using these gains, Wynn shifted focus to leveraged trading on Hyperliquid in March, betting large amounts on crypto tokens including Bitcoin, Pepe, and Official Trump.
In one instance, Wynn’s position reached a value of over $1 billion, with an unrealized profit of more than $100 million before a drop in Bitcoin’s price erased nearly all the gains. In May, Wynn created his own memecoin, called Moonpig, which temporarily hit over $120 million in value but collapsed by 98% after Wynn’s losses.
Even after losing nearly all his funds in one wallet, Wynn continued to trade. On June 10, he said on social media, “I’m back in the casino.” After a series of deposits, trades, and withdrawals over June and July, Wynn’s new leveraged long positions lost more than $200,000 in hours, but he has not closed his position.
Wynn remains committed to aggressive trading methods, stating, “For me, it’s all or nothing.” His history reveals repeated high-stakes bets, large gains, and steep losses, with continued activity despite setbacks. Hyperliquid, the decentralized trading platform, has become a key site for such leveraged trades, mirroring risk levels common in centralized exchanges but accessible to on-chain crypto traders.
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