Author: @dethective, on-chain detective
Translated by: Ismay, BlockBeats
This article reveals through on-chain data and account behavior analysis the carefully orchestrated hedging operations behind James Wynn's 'loser persona' KOL: on the surface, blowing up and losing money, but secretly profiting. In the crypto world, identity and funds can often be easily hidden, but transaction records do not lie.
The following is the original content:
I found the Hyperliquid account used by James Wynn; he has been betting against himself.
Going long on Bitcoin on one side
Shorting Bitcoin on one side
There have always been doubts about this, and now I have solid evidence.
How did I find this wallet?
I noticed that James earned $44,000 through referral commissions; of which $16,000 came from a single wallet; this wallet's trading volume reached $1 billion;
More importantly, this wallet was registered before James started sharing the invitation link.
Is it a coincidence?
In-depth analysis of trading situations shows that these two wallets trade almost the same set of tokens.
Another coincidence?
Next, let's analyze the Bitcoin trades in depth. Everyone knows he became famous through a series of crazy Bitcoin trades.
I marked the trades of the two accounts on the chart:
Transactions representing hidden accounts
Transactions representing public accounts
It can be seen that they are always on opposing sides.
On that hidden account, he is making money, yes, this account has no records of liquidation.
Currently, the paper profit is as high as $4.2 million.
Current position: he is currently long on ETH with 25x leverage.
Interestingly, this operation is almost identical to the trades of his friend Andrew Tate.
As everyone has always suspected, he actually hasn't lost much money, and now we finally have evidence. But the problem is—his 'tragic loss persona' has become a very effective marketing tool.
Now he already owns:
370,000 followers
2360 'smart fans' (please, stop following him)
Yaps that you can never earn in a lifetime
All of this has earned him enough 'credibility' to promote his Meme coin, sell courses, and even try every means to continue monetizing.
Whenever such things go viral online, I always keep seeing the same comment:
'Did he not lose 90 million dollars and is now earning 4 million?'
Let me explain:
He did not lose 90 million dollars. That was just an unrealized gain he reached at some point during the trading day, not actual cash in hand.
While his main account shows a profit of $90 million, other accounts are actually losing money (this is the basic principle of hedging).
Indeed, the scale of the hedged positions may not be completely the same, I agree with this point.
If he placed this order on Hyperliquid, he likely did the same operation on other platforms (like Binance, where he often transfers funds).
The reason he became famous is that everyone saw that exaggerated '90 million dollars' figure and believed it just from the headline.
If we judge a trade by 'maximum unrealized gains,' then frankly, almost everyone has 'lost' millions at some point.
Seeing those with strong backgrounds and ample experience easily deceived by this emotional marketing only proves that—this trick is indeed very effective.
