Crypto trader James Wynn loses $60M in a week on Hyperliquid. A cautionary tale of high-leverage trading amid market volatility in May 2025.
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.
The Ascent: From Memecoins to Billion-Dollar Bets
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.
The Descent: A $1.25 Billion Bitcoin Position Unravels
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
The Aftermath: A Public Exit
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
Lessons in Leverage and Market Volatility
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.
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