"Overseas ‘big player’ who went all-in on Bitcoin faces liquidation crisis after a loss of ₩137.8 billion"

James Wan, a Bitcoin (BTC) trader renowned for his 'ultra-high leverage betting,' is facing a forced liquidation crisis. In the market, he is referred to by the nickname 'moonpig,' and at one point, he was a symbolic figure managing positions worth $1 billion.

According to cryptocurrency-specialized media outlet CoinDesk on the 30th, James Wan recently suffered a loss of about $100 million (approximately ₩137.8 billion) amid Bitcoin’s downturn. His currently held long position of 1,690 BTC is valued at about $17.878 million, with an average leverage ratio reportedly as high as 40 times.

According to data analytics platform Hyperdash, Wan's margin usage rate is currently near 100%. This means that even a slight price drop could trigger full automatic liquidation of his position, and it is reported that Wan recently deposited an additional $376,000 to defend against liquidation.

Wan's estimated liquidation price is said to be around $104,607. Should he fail to maintain his position, the resulting market selling pressure could be significant, according to analysts.

The outlet added, "Wan's current position is recording an unrealized loss of about $3.5 million, which equates to a -77% return. Active mainly on the Hyperliquid exchange, he gained fame for his aggressive bets in the past, but now appears to be hitting the limits of high-risk strategies with the market's momentum waning."

Meanwhile, as of 16:10 that day, the price of Bitcoin was trading around $106,000.