Crypto Trader James Wynn Resumes Trading with 10x Leveraged Bet on PEPE

James Wynn, a high-leverage crypto trader known for his significant losses on the Hyperliquid platform, has resumed trading activities. According to blockchain analytics platform Lookonchain, Wynn placed a leveraged bet on the memecoin PEPE, utilizing capital from a referral bonus. The trader claimed 6,792.53 USDC in bonuses before opening a new 10x leveraged long position on PEPE via the decentralized derivatives exchange Hyperliquid.

Wynn's trading activity was tracked under the wallet address 0x5078C2fBeA2b2aD61bc840Bc02335Fce56BeDb6. He allocated nearly his entire portfolio, valued at $11,840.99, to perpetual futures, with just $3.46 in spot assets and nothing staked. Wynn made a concentrated bet on KPEPE-USD through five long entries starting from 18,153 to over 6 million units, opened within a 95-minute window. Entry prices were between $0.011999 and $0.012015, and trade values ranged from $217 to over $72,000.

Wynn's total portfolio value was updated to $12,011.35, with his PEPE-related perpetual contract valued at $12,007.89. His long position on KPEPE-USD had grown to 851,765 tokens, at $0.01201. With the token trading at $0.00001221 at the time of capture, Wynn’s portfolio had counted an unrealized gain of $1,708.16. However, the leveraged trader faces a funding rate risk of -7.22% and a liquidation price of $0.00001137.

Wynn's return to trading comes after a period of significant losses. In May 2025, his trading choices led to one of the heaviest collapses in the Hyperliquid trading community. He saw $100 million in long-Bitcoin positions wiped out when BTC’s price dropped below $105,000, equivalent to 949 BTC. Shortly before the liquidation, Wynn had posted that he did not practice risk management and didn’t consider himself a professional. He asserted, “I’m effectively gambling, and I stand to lose everything. I strongly advise people against what I’m doing.”

Wynn doubled down on his long bets days later with another $100 million bet on Bitcoin, while accusing market makers of targeting his trades to force liquidations. The trader turned to the crypto community for donations to keep his positions alive, and at least 24 addresses responded with funds. Not long after receiving community support, Wynn announced he had liquidated 240 BTC, worth approximately $25 million at the time, to improve the viability of his remaining positions.

Wynn's return to the market coincides with a period of volatility. Bitcoin hit a new all-time high of $122,000, then tanked by 4.3% in the last day, pulling its price down to around $117,060. Even though the largest coin by market cap has retained an 8% weekly gain, the retracement has caused most assets in the top 10 to trade in the red. Total crypto market capitalization dropped by 3.33% to $3.68 trillion.