If I made a lot of money trading crypto in 2024 but lost it all do I still owe taxes? I lost all my money trading perpetual futures on MEXC. They are not regulated.

I started 2024 with $100,000 sold for $400,000 but lost it all trading perpetual futures on MEXC. Do I owe taxes? All of this happened in 2024. I started 2024 with $100,000 and I ended December with $40,000.