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- Wynn’s risky trades led to a $98 million loss, while 0x2258 profited $17 million by betting against him.
- High-leverage crypto trading continues to pose significant risks, as seen in recent market fluctuations.
- Despite huge losses, Wynn embraces the thrill of trading, showing no regret for his risky moves.
James Wynn, a daring cryptocurrency trader, lost $98 million in the market. While Wynn lost money from his aggressive positions, another trader who had the wallet address 0x2258 made a huge profit by frequently opposing him. The choices of taking the opposing stance to Wynn’s trades brought in an amazing $17 million in profits for 0x2258.
On May 24, Wynn entered the market by going long in Bitcoin and Ethereum, hoping their prices would rise. In its decision, 0x2258 bet against both cryptocurrencies. After Wynn exited the positions, 0x2258 also ended their positions and made a profit of $1.36 million. Wynn’s trading kept fluctuating and 0x2258 was able to gain by taking the other side more often.
Wynn is recognized for making big trades in crypto, especially on Hyperliquid and his high-risk actions have both gathered interest and criticism. Even after suffering huge losses, Wynn has not expressed regret. He was excited by the experience and said, There are no regrets at all. Moving from $4 million to $100 million and then down to -$13 million is very thrilling. He displays a strong belief that risk-taking brings excitement, even if that leads to losing a lot.
James Wynn Faces Backlash
On 25 May, Wynn switched his approach and started selling borrowed Bitcoin and Ethereum. As anticipated, 0x2258 bought the asset which allowed the counter-trader to make $2.54 million from the trade. On the next day, Wynn made another bet, this time using even more money and 0x2258 shorted even though they already had one position which boosted their profit to $1.7 million. It showed once again that 0x2258’s approach was effective.
Wynn’s recent $98 million loss is getting him more attention because of his relationship with meme coins. Crypto investigators, especially ZachXBT, have accused him of affecting the market by encouraging his followers to pump and then dump meme-based assets. Because of these actions, Wynn is now regarded as a divisive figure in cryptocurrencies.
With Wynn dealing with his downturn, 0x2258’s ongoing success reminds them of the hazards of high-leverage trading. Although his past approaches were often profitable, Wynn’s latest experiences in crypto highlight the fluctuating market and encourage investors and traders to keep an eye on his future activities.
