James Wynn, a prominent crypto trader known for his aggressive trading strategies with high leverage, suffered a significant loss of over $60 million in just seven days. His trade on Bitcoin using 40x leverage triggered this drastic downturn after market volatility led to substantial losses on the cryptocurrency’s price. Despite initial gains due to increasing Bitcoin prices, Wynn faced a sudden downturn when news about new U.S. tariffs on European goods impacted the market negatively, resulting in a swift decline in his position value. He attempted to recover by adding new trades and altering his strategies but ultimately lost over $60 million by May 26th. However, this setback didn’t completely erase his profits as Wynn reported holding around $25 million in gains from previous trades.