Crypto whale #James_Wynn loses $55 million after abandoning his exposure to Bitcoin
James Wynn, the most famous whale in crypto, who describes himself as a "high-risk leveraged trader," is suffering a severe loss after abandoning his large exposure to Bitcoin following a sharp decline that lasted seven days.
Wynn closed parts of a long position with 40x leverage, leaving a Bitcoin position worth $200 million with an unrealized loss of about $800,000.
Between May 5 and May 23, Wynn's cumulative profits surged significantly from $5.7 million to $87 million, before dropping to $1.91 million today, representing a decline of $55.3 million in just one week.
Wynn gained fame in March when he began streaming his trades on the "Hyperliquid" platform, making $46.5 million in less than two months, and paying the exchange fees exceeding $2.3 million.
Things turned around on May 25 when he experienced a loss of $15.9 million from a short sale of $1 billion worth of Bitcoin, followed by the liquidation of a long position worth $1.25 billion, which was closed with a loss of $13.4 million, and the losses continued until they reached $55 million
