Crypto Trader Loses $25 Million in Bitcoin Bet After Leverage Liquidation

James Wynn, a millionaire crypto trader known for his high-leverage bets, has seen his fortune nearly wiped out after suffering a significant loss on Bitcoin. The trader was liquidated of almost $25 million worth of the cryptocurrency after betting with leverage that its price would rise, according to onchain analytics platform Lookonchain. Wynn reportedly manually closed some of his position to mitigate losses, leaving him with an unrealized loss of nearly $1 million on a 40x Bitcoin long position.