CZ’s proposal to build a dark pool-style decentralized exchange for perpetual futures was prompted by the $100 million liquidation of trader James Wynn, an event attributed to the public visibility of his highly leveraged on-chain positions on Hyperliquid.

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His comments follow the liquidation of nearly $100 million in Bitcoin long positions on Hyperliquid reportedly held by a trader known as James Wynn
Zhao’s pitch may fly in the face of DeFi’s embrace of transparency. But his idea came following the $100 million liquidation of the trader known as James Wynn on May 2
On May 31, prominent high-risk, high-reward crypto trader James Wynn, known for opening high-leverage positions on-chain, suffered substantial losses when the market turned on him