Original | Odaily Planet Daily ( @OdailyChina )
Author: Golem ( @web3_golem )
The three-day Dragon Boat Festival holiday was a time for Chinese people to relax and get away from their workstations. On the other side of the Atlantic, James Wynn, a whale who has repeatedly opened more than 100 million BTC long orders in Hyperliquild, was unable to bask in the sun on a super yacht as he wished, and is still struggling in the trenches.
According to hypurrscan data, as of now, the total loss of James Wynns account exceeds 17.97 million US dollars. He still holds 40 times BTC long orders with a position value of over 100 million US dollars. The opening price is 105,890 US dollars and the liquidation price is 103,620 US dollars. The current floating profit is about 210,000 US dollars.
James Wynn Account Profit and Loss
Perhaps it was because of the mental pressure caused by the loss that James Wynn began to swear on social media, blame CEX , pretend to suspend contract trading , and finally borrowed money from fans to open orders. But just a week ago, James Wynn was still a legendary trader with a peak floating profit of 87 million US dollars and a final profit of 25 million US dollars. From legend to contract gambler, what is the ending of James Wynn...
Liang Xi on the other side of the Atlantic Ocean raises funds to maintain positions
On May 31, after several rounds of reductions, James Wynn closed his long positions in BTC and PEPE, with a total loss of $17.72 million in his account and a balance of only $16.28 in his address. But the trader was not discouraged, saying that $100 million was just a drop in the ocean.
On June 2, James Wynn once again announced the suspension of contract trading, but returned only two hours later and opened a 40x BTC long order on Hyperliquild, with a position value of over $100 million. He also announced his high-profile return by posting a post on the X platform using Wintermute .
However, James Wynns position was not as tough as he said. He was forced to add margin due to liquidation many times. Just when he ran out of ammunition and food, late at night on June 2, like all contract gamblers, James Wynn began to borrow money to maintain his position. As an influential KOL, James Wynn learned the method of Eastern Contract God of War, announced the fundraising address on the X platform, and set up a virtual enemy market making group to call on everyone to fight against it, and said that if they won, they would return the funds 1:1.
After James Wynns position turned from loss to profit, the tweet has been deleted. According to public data on the chain, as of the time the tweet was deleted, James Wynn had raised a total of about $60,000 worth of USDC, ETH and other tokens, and James Wynn transferred almost all of the funds raised.
So far, James Wynns 40x BTC long position worth $100 million has a floating profit of $210,000, with a liquidation price of $103,620. Although the fundraising tweet has been deleted, perhaps when faced with liquidation again, he will beg on the chain again.
Could he be the spokesperson for Hyperliquid?
James Wynn frequently opened orders in Hyperliquild and made high-profile speeches on social media. His image is no longer that of a trader who shares trading experiences and strategies, but more like a KOL who attracts attention on social media.
Liang Xi, the first person in the “Fundraising and Opening Orders” school, said : “James Wynn is a fake person created by HYPE. He hedges his positions with multiple accounts, one account is long and the other accounts are short, so that he will not bear any actual losses. His goal is to manipulate the emotions of over-leveraged speculators, lure retail investors into the trap, and increase the popularity of HYPE to induce people to buy. I have shorted HYPE when it reached a high of $39, and I believe the price of HYPE will fall below $20.”
Evgeny Gaevoy, founder and CEO of Wintermute, a market maker that was targeted as a sniper, responded to James Wynns public call and said sarcastically, Overall, I think this is just a well-executed Hyperliquid marketing campaign. James Wynn did a good job and his tweets were great.
Whether or not James Wynn did it on purpose, his marketing of Hyperliquild was successful. In May, he became famous for winning the game against the “50x insider whale” on Hyperliquid, and then shocked the market by placing a $1 billion order.
At the same time, the price of HYPE also hit a new high of $39.8 on the same day. But when James Wynn first announced that he would withdraw from contract trading, the price of HYPE began to fall, and two hours later, James Wynn established a long position in PEPE on Hyperliquid again, and the price of HYPE began to pick up. It is difficult to guess what force made him make the decision to return to the market quickly in these two hours. Did Hyperliquild officials transfer money?
It is a common practice for exchanges to create star traders on the platform to attract other players to follow suit. In the past, Justin Sun also sponsored a contract fund for Liang Xi, but only asked him to open an order on Huobi to increase Huobis influence.
However, there are also views that James Wynns actions are just to get the second round of HYPE airdrops. BitMEX co-founder Arthur Hayes wrote : Im beginning to think that this (referring to the whale James Wynns attempt to raise funds at zero cost) may become one of the most successful trading platform marketing campaigns in the history of the crypto circle. HYPE will definitely win. In addition, this guy is likely to be hedging transactions in another anonymous address specifically to grab the next round of airdrops.
But for someone who has made tens of millions of dollars from trading, the appeal of airdrops may not be so great.
Genius on the left, madman on the right
James Wynns experience in the past two weeks is like a large-scale TV series, which inevitably makes people curious and speculate about its ending. But no matter what, he is no longer an admired trader. From James Wynns recent operations and high-profile speeches, it is not difficult to see that he is a performative personality who enjoys the feeling of being noticed. But for a trader, it is not wise to openly build a large position. Well-known trader Eugene once commented that James Wynns public establishment of a super-large position is controversial. From experience, this is almost always a bad idea, and its negative externalities are often greater than the positive effects.
It is difficult to define whether James Wynn is a genius or a madman. Extreme contract operations, tens of millions of dollars in profits and losses that ordinary people cannot achieve, venting speeches on social media, and a daring and hard-working style constitute the foundation of his personality. This also enables James Wynn to stand out from the crowd and become a person similar to Liang Xi.
James Wynn also said in a conversation with Justin Sun on Huobi’s live broadcast on June 1, “In fact, I enjoy the process. Even if I make $1 billion, I won’t spend it on myself. What I pursue is not wealth itself, but the excitement of this game.”
But perhaps what even James Wynn himself did not realize was that the boy from a shabby small town in England, who described himself as a place where no one can leave, where there is knife crime, drugs, alcohol and poverty..., had fallen into a bigger trench.
No one can leave here. This place is full of greed, desire, hypocrisy and deception...
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Who is James Wynn: A trading genius from a small town, a crazy whale who gambled 1 billion
