Famous trader James Win, who bet on Bitcoin (BTC) rise with high-leverage, was liquidated for a position worth approximately 32.5 billion won. This amounts to 240 BTC, and while he partially manually reduced his liquidation price, he ultimately could not avoid losses.
On-chain analysis platform Lookonchain reported on June 4th that Win still holds 770 BTC worth about 111.9 billion won (80.5 million dollars), with the liquidation price of this position at $104,035 (approximately 144.62 million won). According to Hypurrscan, his 40x leveraged Bitcoin long position is currently recording unrealized losses of about 1.4 billion won (1 million dollars).
Immediately after liquidation, Win claimed market manipulation on his X (formerly Twitter) and requested sponsorship under the pretext of exposing the manipulation. He has been drawing attention for high-risk trades on the Hyperliquid platform. On May 24th, right after suffering a loss of 40.3 billion won (29 million dollars) the previous day, he entered a 1.25 billion dollar (approximately 1.7375 trillion won) Bitcoin long position with 40x leverage. However, he closed this position within a day and then switched to a 152.9 billion won (110 million dollars) short position.
However, this trading strategy backfired. According to Lookonchain and Arkham Intelligence, Win incurred losses of approximately 139 billion won (100 million dollars) in just one week in May. Despite this, he reportedly re-entered a 139 billion won Bitcoin long position with the goal of "earning 10 billion dollars".
Meanwhile, after Win's massive liquidation, Binance co-founder Changpeng Zhao proposed a 'dark pool derivatives DEX (decentralized exchange)' to reduce market manipulation possibilities. According to Zhao, real-time order book disclosure in DEX causes issues like front-running and slippage, which are particularly severe in derivatives DEX where leverage and liquidation are applied.
The 'dark pool' that has existed in traditional finance for decades offers advantages of ensuring liquidity and anonymity by not exposing large institutional investors' orders in advance. However, this lack of transparency can simultaneously raise potential conflicts of interest. As the cryptocurrency market gradually approaches the institutional realm, attention is focused on whether a dark pool DEX might provide a new solution.
Real-time news...Go to Token Post Telegram
<Copyright ⓒ TokenPost, Unauthorized Reproduction and Redistribution Prohibited>
