James Wynn, a mysterious figure in the crypto trading world who made headlines for his meteoric rise from meme coins to millions, recently made a shocking revelation. In a candid post on X, Wynn admitted to losing a staggering $100 million in just a few days due to a series of aggressive leveraged trades on Hyperliquid.
Wynn, known for his uncanny ability to turn small investments into massive profits, first gained attention for turning a $7,000 position in the meme coin PEPE into over $25 million. His success story captivated the online community, leading to a surge in followers and admirers.
However, Wynn’s foray into trading perpetual futures in March proved to be his downfall. Despite his lack of experience with derivatives, he dove headfirst into the world of leveraged trading. In a tweet, he confessed, “I started trading on perps in March, had never traded perps before, in fact never really traded properly before. I’ve just traded meme coins.”
Surprisingly, Wynn’s initial trades were highly successful, with him turning a $3 million position into $100 million in just a month. His rapid success attracted a flood of followers eager to replicate his trades, but the pressure of being in the spotlight soon took its toll.
As Wynn’s visibility grew, so did the stakes of his trades. In mid-May, he amassed a $1.25 billion long position on Bitcoin, leveraging up to 40x. However, a tweet from US President Donald Trump about tariffs on the European Union triggered a market downturn that wiped out Wynn’s entire position.
The sudden loss sent shockwaves through the crypto community, where Wynn had become a polarizing figure. While some praised him as a trading genius, others criticized him for his reckless behavior and alleged market manipulation.
In retrospect, Wynn admitted that he had lost control and allowed his greed to cloud his judgment. His cautionary tale serves as a stark reminder of the risks involved in leveraged trading and the importance of responsible risk management.
Despite his losses, Wynn’s transparency in sharing his story has garnered both sympathy and criticism from the crypto community. His journey from meme coins to millions and then to mayhem serves as a valuable lesson for aspiring traders in the volatile world of cryptocurrencies.