In brief
- The wallet behind the trade had built a 40x leveraged long on Bitcoin before being wiped out.
- The position unraveled even as Bitcoin stayed within a narrow 2% trading range, according to a pseudonymous trading account belonging to “Pentoshi.”
- Hyperliquid’s on-chain records showed the trader had initially deposited $3 million in stablecoins.
A crypto trader has reportedly been liquidated for over $100 million following an initial $1 billion leveraged Bitcoin position on the decentralized derivatives platform Hyperliquid.
The trade—tied to a wallet beginning with “0x507″ and tagged as belonging to”James Wynn” by Arkham Intelligence—had been closely watched after Wynn built a 40x leveraged long position last week, betting Bitcoin’s price would continue to climb.
However, on Thursday, the bet unraveled despite a lack of volatility in Bitcoin’s price. Bitcoin is currently trading at $106,020, down 1.9% over the last 24 hours, according to CoinGecko.
Another pseudonymous trading account belonging to “Pentoshi” noted that the liquidation was somewhat different from those of other highly leveraged traders they had seen blow up.
“[The] Bitcoin price really never changed. It’s been in like a 2% range, and this guy just kept trading poorly, getting chopped to 0,” Pentoshi said on X. “He was super loud on the timeline and yapped a lot, which probably brought a lot of attention he didn’t need. It’s best to trade large positions quietly.”
The trader, believed to operate under the X handle JamesWynnReal, has built a reputation as a high-risk leverage trader and meme coin enthusiast.
The account gained notoriety in 2023 after correctly predicting the rise of the Pepe memecoin to a $4.2 billion market cap, a call they claim earned him over eight figures in profits. Pepe later peaked at a market cap of over $11 billion in December 2024.
Since then, their trades have been closely followed by crypto speculators. Last week, Wynn’s Bitcoin bet reached an average entry price of $108,000, with their position at one point enduring a $32 million drawdown as prices whipsawed.
The account thought to belong to Wynn responded to the liquidation by posting a still from The Matrix, with the protagonist, Neo, stopping a flurry of bullets with his hand.
Hyperliquid, a decentralized exchange built on Arbitrum, has drawn attention for its high-speed trading features and the transparency of wallet activity. The 0x507 wallet first interacted with Hyperliquid two months ago, depositing $3 million in stablecoins, according to HypurrScan.
The James Wynn account has also regularly promoted a meme coin called Moonpig and its related game, Moonrush.
Wynn was recently accused of dumping Moonpig tokens by investors in the coin, which they denied. “That top wallet was never mine… I don’t usually entertain such FUD, but I haven’t sold a single cent of Moonpig,” they said on X.
Edited by Sebastian Sinclair
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