According to @lookonchain, James Wynn claimed 1,854.54 USDC in referral rewards and opened a 40x short position on 0.96 BTC with notional around $111,000. Source: @lookonchain. Based on the reported 0.96 BTC size and $111,000 notional, the implied entry price is about $115,625 per BTC and the liquidation price is $117,460, indicating roughly a 1.6% adverse move to liquidation for the short. Source: @lookonchain. At 40x leverage, the implied initial margin is approximately $2,775, and the claimed rewards equal roughly 67% of that margin; reference address as shared: hypurrscan.io/address/0x5078C2fBeA2b2aD61bc840Bc023E35Fce56BeDb6. Source: @lookonchain.