Author: Monicah W

Polymarket is entering a partnership with X, Elon Musk’s social media platform. The partnership doesn’t have a lot of details yet, but it’s already caused a market impact.

Polygon’s price jumped significantly after this news.

Polymarket Partners with X

Polymarket, a major online prediction market, hasn’t had a lot of previous interactions with X. However, its landmark new alliance with Elon Musk’s X is a major market development. Promising to become the social network’s “official prediction market partner,” Polymarket teased at future gains.

“Combining Polymarket’s accurate, unbiased, and real-time prediction market probabilities with Grok’s analysis and 𝕏’s real time insights will enable us to provide contextualized, data-driven insights to millions of Polymarket users around the world instantaneously. We are proud to work with 𝕏 as the official prediction market partner and to continue our fruitful collaboration,” claimed Shayne Coplan, founder and CEO of Polymarket.

Details are still under wraps, but both firms said Polymarket odds and widgets will soon appear inside X posts and livestreams, letting users stake on everything from US elections to sports finals with a few taps. Polymarket was built on Polygon, an Ethereum-based L2 scaling solution, and its token spiked immediately after the announcement.

Whatever specific plans Polymarket and X have for their continued partnership, it has the potential to significantly change the crypto ecosystem.

The post Polymarket Announces Partnership with X appeared first on BeInCrypto.

In crypto trading, the promise of massive gains often comes with the risk of heavy losses. Over the years, several high-profile crypto traders have made headlines for their bold bets, only to see their fortunes crumble when the market turned against them. 

From Bitcoin (BTC) to Ethereum (ETH), the crypto market has proven to be a double-edged sword. Millions can be made or lost in just hours, and traders are left to deal with the fallout from their high-risk moves. Here are the stories of three crypto traders who wiped out millions:

James Wynn

James Wynn, a pseudonymous trader on Hyperliquid, has become one of the most discussed figures on crypto Twitter (now X) due to his high-risk, high-reward trading style.

Wynn started trading on Hyperliquid in March 2025. He amassed significant profits through his bold trading strategies.

“Since I began trading this year on HyperLiquid I have made a total profit of $41,696,589.75 (on-chain). Next goal is $1bn. Not for the money. But for the legacy. Unlikely I’ll do it this cycle unless I went max degen on shorting the top, which I’m probably the only person with this kind of wealth who’s willing to turn it up on 40x leverage and put a significant % on the line,” Wynn said on May 9.

The trader had several successful trades. On May 24, he booked a $25.18 million profit from a long position in kPEPE and $16.89 million from a long Bitcoin position. Other notable trades included a $4.84 million profit from Fartcoin (FARTCOIN) on May 13 and a $6.83 million profit from Official Trump (TRUMP) on May 12.

Wynn’s profits peaked at over $87 million in late May. However, this was short-lived, as the trades began to backfire soon after. Wynn faced a series of significant setbacks. 

On May 23, he lost $3.69 million from a long Ethereum position and $1.59 million from a Sui (SUI) long position. Two days later, on May 25, he suffered a $15.86 million loss from a short position in BTC. 

“James Wynn has wiped out almost all his profits on Hyperliquid. It took him 70 days to go from 0 to $87 million+ in profit, and only 5 days to lose almost all the $87 million+ in profit,” Lookonchain posted on May 28.

Despite losing it all, Wynn’s bets continued. The largest blow came on May 30, when a long BTC position resulted in a loss of $37.41 million. Wynn’s losses extended into May 31, with an additional $1.20 million lost from another BTC long position.

Finally, on June 5, Wynn lost $2.81 million on a BTC long position, bringing his total losses to $20.4 million.

“I closed my position. Defeated accepted. MM’s 1-0 Wynn,” he stated.

At the time of writing, Wynn’s performance showed a win rate of 40.48%, with 17 successful trades out of 42.

Anonymous ETH Whale

Wynn’s downfall is part of a larger trend, with other crypto traders also losing millions. In March 2025, an anonymous cryptocurrency trader, identified by the wallet address 0xf3F496C9486BE5924a93D67e98298733Bb47057c, suffered a staggering $308 million loss after a 50x leveraged long position on ETH was liquidated. 

The trader had opened the position when ETH was trading at $1,900, with a liquidation price of $1,877. However, amid heightened market volatility driven by global tariff concerns, ETH’s price plummeted, liquidating 160,234 ETH.

Lookonchain reported that the whale had rotated all their Bitcoin holdings into this leveraged ETH trade, amplifying the risk.

“Crazy! This whale has switched all of his long BTC positions to long ETH,” the post read.

Leveraged trading, which uses borrowed funds to magnify both gains and losses, proved disastrous in this case, as a small price movement wiped out the trader’s entire position. 

Meanwhile, the trader has not opened any positions on Hyperliquid since late March.

Hui Yi

While leveraged bets have led to massive financial losses, they have also tragically resulted in the loss of life. In June 2019, Hui Yi, the co-founder and CEO of the cryptocurrency market analysis platform BTE.TOP reportedly took his own life.

Yi’s distress was believed to be caused by his involvement in a failed 100x leveraged short position on 2,000 Bitcoins. The extreme leverage amplified his losses, making his position highly vulnerable to even minor price fluctuations.

There was also speculation that the 2,000 Bitcoins might have belonged to clients. Some even suggested that Yi may have faked his death to avoid repayment. However, no evidence supported these theories.

An ex-partner confirmed Yi’s death. This tragic incident highlighted the psychological toll of leveraged trading and the dangers of using excessive borrowed funds in the volatile crypto market.

The post Crypto Trading Gone Wrong: How These 3 Traders Wiped Out Millions appeared first on BeInCrypto.

A graphical error on TradingView caused Bitcoin to temporarily wick to zero on MEXC. This caused a social media uproar, but the glitch was not visible on MEXC’s own platform.

Nonetheless, MEXC’s trading volume spiked over 51% in the last 24 hours. Unverified rumors can take off like wildfire if not addressed, potentially leading to token dumps and market chaos.

A Bitcoin Error on MEXC

MEXC, a Seychelles-based centralized exchange, has been focusing on new upgrades this year. After outpacing competitors with meme coin listings in 2024, it announced today that it’s shifting from quantity to quality. However, this was overshadowed by other events, as traders reported that Bitcoin briefly wicked to zero on MEXC.

This is what happened on MEXC yesterday.

A wick sending bitcoin to ZERO for a few seconds, liquidating all BTC longs.

MEXC is a SCAM, i told you.

This exchange is owned by CRIMINALS.

When i say folks will wish they paid attention to my posts, I’m not joking. pic.twitter.com/rPf5X9eFAO

— Crypto Beast (@cryptobeastreal) June 6, 2025

This immediately caused a social media uproar, as such an error in Bitcoin’s price would severely impact MEXC users. If BTC went from over $100,000 to $0, this would immediately liquidate all users’ long positions. Such a scandal might be worse than Hyperliquid’s JELLYJELLY incident, as this would be caused by a site error instead of trader activity.

However, MEXC’s team went on social media to address the alleged Bitcoin wick, claiming that it only happened on TradingView’s own site:

“We have recently become aware of some posts circulating on certain accounts claiming that MEXC’s BTC candle wick dropped to 0. We would like to clarify that this was simply a display error on the TradingView platform on June 5, and there was no such issue on MEXC’s official website, where everything has been functioning normally,” developers stated.

The MEXC team went on to claim that it was collaborating with TradingView to diagnose the Bitcoin display error and prevent it from happening again. It also urged the community to independently verify social media rumors and contact customer support in the event of a problem. Still, this announcement happened hours after the glitch.

MEXC’s trading volume spiked over 51% in the last 24 hours, mostly occurring after the Bitcoin display error. However, at the moment, it’s unclear if this heightened volume was due to users dumping assets, but such a thing is possible.

All that is to say, this demonstrates the importance of verifying information and fighting false rumors. MEXC didn’t have anything to do with the Bitcoin display error, but it still faced accusations of being a fraudulent business. The crypto sector is fast-paced and trades on community sentiment, after all. It needs strong guardrails to prevent accidents from blowing up.

BeInCrypto has reached out to MEXC, but we are yet to hear back.

The post TradingView Glitch Showed Bitcoin Wicking to $0 on MEXC appeared first on BeInCrypto.

Gemini filed for an IPO, following in the footsteps of Circle’s recent successes. Nonetheless, this move has caused skepticism in the community as some KOLs wonder if this IPO is a bubble indicator.

The company has shown interest in an IPO for several months, and Cameron Winklevoss recently teased big future developments in a public appearance.

Gemini’s New IPO Explained

Gemini, a centralized crypto exchange founded by the Winklevoss twins, hasn’t been on the crypto industry’s radar for IPOs. However, after Circle’s recent IPO proved to be an overwhelming success, the exchange is joining the trend. According to a press release from Gemini, the firm filed to launch its own:

Still, this Gemini IPO is not necessarily a huge surprise; the firm teased such a development for months. At the recent Bitcoin Conference, Cameron Winklevoss described bold plans for his firm and the crypto industry as a whole. An IPO would certainly fit the bill. Nonetheless, some influential community members wonder if this is oversaturating the market:

“Oh boy, here comes the next one already. So we have Bitcoin Treasury companies and IPOs this cycle. Doubt Gemini is a good investment, but neither is Circle, and look what they’re valued at. Bubble forming,” WhalePanda claimed via social media.

In other words, some KOLs believe that Gemini’s IPO might represent a market top indicator. The firm has made some advancements recently, but an IPO doesn’t necessarily signal strong fundamentals. Whatever happens, it’s still in the early stages.

The post Gemini Files for US IPO appeared first on BeInCrypto.

After a mildly bearish week, the coming weekend is expected to be a turning point for the crypto market. This is if the Trump-Musk feud comes to a halt, which is unlikely given their tenacity to have the final word.

BeInCrypto has identified three altcoins to watch this weekend and the direction in which they will be taking over the next two days.

1Inch Network (1INCH)

1INCH price is expected to rise in the next two days as the protocol undergoes a significant upgrade. The 1IP-78 update will introduce key improvements aimed at boosting the adoption and usage of the 1inch Protocol. This upgrade could be a catalyst for positive price movement in the short term.

Despite being down 6% in the last 24 hours, trading at $0.1982, 1INCH shows signs of recovery. The Ichimoku Cloud indicates persistent bullish momentum, which could help push the price above the crucial support level of $0.2092. This support level will be key in determining the price direction.

If bearish market conditions continue, 1INCH may experience further losses. A drop below $0.2092 could send the altcoin toward $0.1886 or even lower to $0.1793. A decline to these levels would invalidate the bullish outlook and could result in a prolonged downward trend for 1INCH.

Hyperliquid (HYPE)

HYPE has been one of the best-performing tokens this week, with an 8% increase. This strong momentum is expected to continue into the weekend, potentially pushing the price above $36.47. If this trend holds, HYPE could see further upward movement, making it one to watch closely.

The Chaikin Money Flow (CMF) indicator shows that despite some outflows, it remains above the zero line. This suggests that there is still buying pressure in the market, which could drive HYPE closer to its all-time high (ATH) of $42.25. The coin is currently 23.8% away from reaching this level.

If outflows intensify and market sentiment weakens, HYPE could experience a decline. A drop below the support level of $31.26 would signal further weakness, potentially leading to a fall to $27.31. Such a scenario would invalidate the current bullish outlook and shift the market sentiment towards bearish.

Quant (QNT)

QNT has performed well this week, showing strong bullish signals similar to HYPE. The Exponential Moving Averages (EMAs), which recently formed a Golden Cross, continue to expand. This pattern indicates sustained bullish momentum, suggesting that QNT could see further price increases in the near term.

The upward momentum could help QNT bounce off the $110 support level, with a potential rise to $121. If the price breaks above this resistance, it would open the door for a move toward $126. This positive price action indicates that QNT is likely to maintain its bullish trend for now.

However, if the price fails to breach $121, QNT may continue to consolidate under this level. If the $110 support is lost, the altcoin could experience a sharp decline to $101, invalidating the current bullish outlook and signaling a shift toward bearish market conditions.

The post 3 Altcoins To Watch This Weekend | June 6 – 7 appeared first on BeInCrypto.