Wynn has appealed to the cryptocurrency community for donations to combat the “market-making cabal” that he claims is pursuing his liquidation.
Days after his liquidation from a similar deal, multimillionaire cryptocurrency trader James Wynn initiated a second leveraged Bitcoin position, valued at approximately $100 million.
The investment will be liquidated if Bitcoin (BTC) $105,227 drops below $103,630, according to blockchain data aggregator Hypurrscan, which now displays an unrealized loss of more than $592,000.
Less than a week has passed since his prior $100 million holding was sold on May 30, when Bitcoin momentarily fell below a 10-day low of $105,000.
Wynn’s wager aligns with the increasing prudence of the market. The next significant support for Bitcoin is still around $103,000, according to Nexo dispatch editor Stella Zlatareva, as market players are still in “wait-and-see mode” before the critical US jobless claims report is released on June 5.
Following liquidation, Wynn claims to be targeting the market.
Wynn stated on X, following the public release of his second wager, that large market players were deliberately targeting his liquidation level.
In a June 2 X post, he revealed his $103,640 liquidation level and stated, “They’re coming for me again.” He also added:
“Don’t let these evil bastards liquidate me.”
Following his second $100 million wager, cryptocurrency advocate Altcoin Gordon denounced market manipulation.
In a post on X dated June 2, Gordon claimed, “The dishonest market makers dumped the price toward Wynn’s liquidation price of $104,580 within seconds.”
Some traders have begun donating to his blockchain address to assist him in funding his leveraged bets.
Data gathered by the pseudonymous blockchain detective “detective” shows that at least 24 blockchain users transferred stablecoins to Wynn’s cryptocurrency address, with the greatest gift almost totaling $8,000.
To “fight the market-making cabal,” Wynn previously appealed to the cryptocurrency community for stablecoin donations. He also promised to refund each user, “assuming” he prevailed.
Additionally, he asserted that several of his cryptocurrency exchange accounts were “closed overnight” without a clear explanation.
Wynn stated in a follow-up X post on June 3 that “bearish momentum is weakening” and that an impending Bitcoin bounce will surprise investors.
