Original | Odaily Planet Daily
Author | Wenser
No one expected that within just 2 weeks, the "legendary trader" and crypto whale James Wynn, who once held billion-dollar positions, would fall to the point of losing everything and only able to open positions worth a few hundred dollars. Previously, he had written a long confession, painfully revealing how he went from "earning $100 million" to losing everything, using himself as a negative example to expose the terrifying nature of "greed" to the market.
In this article, Odaily will delve into James Wynn's recent operations and statements, and explore the doubts surrounding whether "James Wynn is a puppet of the Hyperliquid platform".
Calculated Schemes Too Greedy, Ultimately Ruining James' "On-Chain Life"
On June 6 at dawn, James Wynn's long position was liquidated again, with a loss of 155.38 BTC, approximately $16.14 million at the time. On-chain data shows this liquidation occurred during a significant BTC-USDT contract price drop, with a liquidation price around $103,981. This liquidation may be related to the market's short-term violent fluctuations.
Perhaps this liquidation was the final straw, and that morning, James Wynn published a long confession, publicly sharing his rise to fame and current situation for the first time—
I just started participating in perpetual contract trading in March this year, having never seriously traded before, mostly just trading meme coins (previously known for discovering PEPE at a $600,000 market cap and earning an 8-digit profit). I rolled $3 million into $100 million in just one month, then lost it all in a week on HyperLiquid.
I was just playing around, but the on-chain data was public, with hundreds of thousands watching my account's ups and downs, so I just let loose.
Things gradually got out of control.
I understood this was essentially gambling, wanting to recover losses while also fearing being mocked for "failing to keep $100 million", so I got deeper and deeper.
The numbers dancing on the screen became a virtual game, with greed completely taking over.
After reading, one can only sigh. Previously, he had multiple times claimed to bid farewell to the contract market, but would soon go back on his word and return to the contract table gambling table. As the market broke market new higand then pulled back, and with Trump's unpredictable policies and stance, James Wynn, like other crypto traders, became a fish on the "crypto market's big stage".Indeed, this "sudden awakening" didn't last long. That same day, James in the days ahead, scrape some small assets from old wallets, seeing what usable assets he not wanting to leave empty-handed. His words were were full of desire to make a strong comeback.<3strong whale Returns, transforms into-Position<>
On June>7, Jamesynn out all funds from his on-chain address, transferring the remaining1.91 million remaining assets to 3 CEXs: $1.5 million to Kucoin, $335,000 to MEXC, and $75,000 to Gate.
On June 8, James Wynn used $468.62 as principal to again long B TC with 40x leverage, entry price $105,537.5,ation104,, with a position notional value
Uncle's Advice
On the afternoon of June 8, according to Onchain Lens monitoring, James Wynn closed his 40x BTC long losing about $70.71. Subsequently, despite the small position size, his loss further "expanded"—according according to Lookonkonhref="https://www.odaily.news/newsflash/433895" rel="nofollow">monitoring, his loss loss increased to $113.55.
>Many, including myself, would find it hard to have such a experience experience: A week ago, you was were a domwhalearf the crypto stirring up winds, with positions worth tens or hundreds of millions of dollars, even boasting "100 million is nothing, can't even buy a super yacht"; and just a week later, week scraping numerous old wallets and adding referral rewards, you only have a few hundred dollars to open a position.
The consequences of greed are brutal; but the the thrillrill of gamblingers gambling goes far beyond this.
After James temporarily hit rock bottom, the previous widespread questions like "Is James Wynn Hyperliquid's puppet?", "Is JamesErlWynn using Hyperliquid to hedge money laundering?", "Is James Wynn even real or just a character created by Hyperliquid?" might now have answers.
James Wynn and Hyperliquid: Just a Casino and Gambler's Relationship, Nothing More
doubJames Wynn's Identity, ", 'wynn'' is just a very well-executed HL (erliqcampaignuid) campaign marketing campaign well done. He's's. His tweets are great too." He also @JamesWynnReal, mentioning: "In fact, James Wynn mentions Hyperliquid in every three tweets, posts, average constantly emphasizing decentralization, anti-corruption, anti-manipulation, and vaguely mentioning unverified 'account banning' scandals of centralized exchanges. a communication perspective, wJames Wynn achieved the biggest success in this in this year's crypto market.James But quickly, James Wynn's statements shattered "theory". Human请继续翻译下面的内容。James Clarifies: Twice Sought Cooperation with HyperLiquid, Rejected, Anticipates CZ's Dark Pool Defeating HP
James Wynn subsequently stated: "I actively contacted HyperLiquid twice, hoping to reach a cooperation agreement regarding the attention I brought them. Although they expressed gratitude, they do not make such agreements with anyone. This makes sense, as their platform is decentralized and operates differently from traditional exchanges. I earned $34,000 through their platform's referral commission. Considering the number of registrations and trading volume I brought, this amount is very low. Their referral mechanism is terrible, and other platforms are much better." His words indeed do not sound like a shill for the Hyperliquid platform, despite the platform achieving new trading volume highs due to market conditions, with the HYPE token previously surpassing the trending SUI and rising to 11th place in the crypto rankings.
Additionally, James did not hesitate to praise CZ, mentioning: "In my view, when CZ launches a dark pool perpetual contract DEX, HyperLiquid will be terminated. CZ has the funds, resources, and team to create an unprecedented product. Just look at what he's accomplished on Binance. I hope this will prompt HyperLiquid to improve, otherwise, they will soon be overtaken by stronger competitors." For details about CZ's mentioned dark pool, refer to the article 'A Comprehensive Analysis of CZ's Breakthrough in the Contract Track - Dark Pool'.
Notably, Wintermute founder wishful_cynic had a not-without-irony perspective on dark pools, stating: "Ironically, we learned from the FTX+ Alameda instance that internal market maker black boxes are bad, and on-chain DEX is the future. (Yet now, many believe) the most successful DEX is actually running on... internal market maker black boxes."
Another Focus: Is Hyperliquid a Money Laundering Platform? No Official Conclusion Yet
Meanwhile, as the Wintermute founder mentioned, "Whether Hyperliquid provides convenience for money laundering hedging or wash trading" has also become a point of concern for many.
Web3 security company Salus founder Mirror Tang previously stated that since March this year, Chinese law enforcement has cracked three cases of cryptocurrency money laundering using Hyperliquid. The primary criminal method involves using Hyperliquid's high-leverage liquidation mechanism, creating liquidation losses on the platform while taking opposite positions on centralized exchanges to offset and launder illegal funds. He emphasized that this strategy is highly similar to the trading path of Hyperliquid user James Wynn.
As of now, there is no official conclusion to this matter, and Odaily will continue to track its developments.
Conclusion: Heaven or Hell, Remember to Withdraw Profits, Avoid High-Frequency Trading
Looking back at James Wynn's tumultuous month, from being unnoticed to shilling the meme coin moonpig with a market cap exceeding $100 million, then large profitable long positions, followed by chasing trends and suffering losses, it truly resembles a "crypto mini-drama". For now, his chances of a comeback seem slim.
Between James's moments of heaven and hell, Bitcoin first broke to new highs, then dropped to around $100,000 in recent days.
Perhaps James Wynn is using his personal experience to tell us an unbreakable truth of the crypto market: remember to withdraw profits and avoid high-frequency trading.
