Crypto trader James Wynn loses $60M in a week on Hyperliquid. A cautionary tale of high-leverage trading amid market volatility in May 2025.
By Yana Khlebnikova
Updated
2 mins read
Crypto trader James Wynn—known by his pseudonym “moonpig” on the decentralized exchange Hyperliquid—experienced a staggering $60 million loss over seven days in May 2025.
This episode highlights the risks associated with high-leverage trading in the volatile cryptocurrency market.
Wynn’s trading journey began in 2022, reportedly with backing from Alameda Research. He gained prominence by turning a $7,000 investment in the meme coin PEPE into $25 million, leveraging high-frequency trading strategies.
By March 2025, Wynn had deposited $4.65 million in USDC on Hyperliquid, executing 38 trades primarily in Bitcoin and various meme coins, amassing $46.5 million in profits by May 10.
On May 19, Wynn opened a 40x leveraged long position of 5,520 BTC at $103,302, with a liquidation level at $98,294. He expanded this position over the next two days, reaching 9,371.71 BTC valued at over $1 billion, with unrealized gains of $10.71 million.
However, on May 23, Bitcoin’s price dropped 4% to $106,700 following former President Trump’s announcement of a possible 50% tariff on EU imports. Wynn responded by closing a separate PEPE position with a $25.18 million gain and increased his Bitcoin long to 11,588 BTC at $108,243. This move proved costly; on May 25, he exited at $107,746, incurring a $13.39 million loss.
The top trader @JamesWynnReal went long on $PEPE with 10x leverage again, with an unrealized profit of $130K.https://t.co/FX6sISVWOhhttps://t.co/YLO2XD1MIq pic.twitter.com/q8khoLvA3v
— Lookonchain (@lookonchain) May 26, 2025
Subsequently, Wynn shifted to a short strategy, scaling his Bitcoin short to 7,967.83 BTC, valued at $856 million, with a liquidation price at $111,280. He later exited over $1 billion worth of BTC short positions on May 26, recording a loss of approximately $15.87 million over 15 hours, according to Lookonchain.
Top trader @JamesWynnReal closed $1B worth of $BTC short positions 2 hours ago, losing~～$15.87M in just 15 hours.https://t.co/IUTpCuzoSB pic.twitter.com/Qe8zHP2o62
— Lookonchain (@lookonchain) May 26, 2025
Wynn acknowledged the setback in a May 26 post on X. He claimed that despite the losses, his account still held $25 million in profit from an original base of $3–4 million, down from a peak of $87 million. He announced his departure from perpetual trading, posting:
To all the fans and haters:
We had a good run gambling on perps
At peak the account was up $87,000,000 profits from like $3-$4m.
Now decided to leave the casino with my $25,000,000 profit
It’s been fun, but now it’s time for me to walk away a wynner
Wynn 1-0 Haters… pic.twitter.com/vuUiET2CQZ
— James Wynn 🐳 (@JamesWynnReal) May 26, 2025
Wynn’s trading saga highlights the risks associated with high-leverage positions in the cryptocurrency market. His rapid gains and subsequent losses serve as a cautionary tale for traders employing aggressive strategies without adequate risk management.
As of May 28, 2025, Bitcoin is trading at approximately $108,805, reflecting the market’s ongoing volatility.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Yana Khlebnikova joined CoinSpeaker as an editor in January 2025, after previous stints at Techopedia, crypto.news, Cointelegraph, and CoinMarketCap, where she honed her expertise in cryptocurrency journalism.
