James Wynn "Loss Persona" KOL's meticulously arranged hedging operations: on the surface, he faces liquidation losses, but in reality, he profits in the shadows. In the crypto world, identities and funds can often be easily hidden, but transaction records do not lie. This article is based on a piece written by @dethective, compiled and translated by Ismay and BlockBeats. (Background: Mysterious whale goes long on Bitcoin with $300 million at 20x leverage, is the lost James Wynn making a comeback anonymously?) (Context: James Wynn: Bitcoin's market share is set to reach new highs, expected to rise to $120,000 to $140,000 before the altcoin season.) This hidden account has never been liquidated. I found the Hyperliquid account used by James Wynn; he has been betting against himself. While going long on Bitcoin, he has also been shorting Bitcoin. There have been suspicions about this before, and now I have solid evidence. How did I find this wallet? I noticed that James earned $44,000 through invitation rebates; 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 began sharing invitation links. Coincidence? Analyzing the transaction details, the two wallets traded almost the same set of tokens. Another coincidence? Next, let's analyze Bitcoin transactions. As everyone knows, he rose to fame through a series of crazy Bitcoin trades. I marked the transactions of the two accounts on a chart: transactions representing the hidden account and transactions representing the public account. It can be seen that they are always on opposing sides. On that hidden account, he is making money; indeed, this account has no liquidation records. The current paper profit is as high as $4.2 million. Current position: he is now going long on ETH with 25x leverage. Interestingly, this operation is almost identical to his friend Andrew Tate's trades. As everyone has suspected, he actually hasn't lost much money, and now we finally have evidence. But the problem is—his “tragic loser persona” has become a very effective marketing tool. Today he has: 370,000 fans, 2,360 “smart fans” (please, stop following him), and Yaps that he will never earn in his lifetime. All of this has earned him enough “credibility” to promote his meme coins, sell courses, and find every possible way to continue monetizing. Every time such a thing goes viral online, I keep seeing the same comment: "Didn’t he lose $90 million and now only make $4 million?" Let me clarify: he did not lose $90 million. That was just unrealized gains he reached at one point during trading, not actual cash in hand. While his main account showed a profit of $90 million, other accounts were actually losing money (this is the basic principle of hedging). Yes, the scale of the hedging positions may not be exactly the same, I agree on that. If he placed this bet on Hyperliquid, he likely did the same operation on other platforms (like Binance, where he often transfers funds). He became famous because everyone saw that exaggerated "$90 million" figure and believed it just by reading the headline. If we use “maximum unrealized gains” to judge a trade, frankly, almost everyone has “lost” a few million at some point. The fact that those with strong backgrounds and ample experience can easily be fooled by such emotional marketing only illustrates—this tactic indeed works very well. Related reports: China uncovers "Hyperliquid money laundering case": methods similar to James Wynn, intentionally losing money to wash it to counterparties. James Wynn's performance as a "crypto gambler" is to showcase Hyperliquid? Whale James Wynn "loses everything and admits defeat": giving up on contracts, I want to leave this degenerate place. "Making $4 million in two months, revealing the never liquidated James Wynn's 'hedging small account.'" This article was first published on BlockTempo (the most influential blockchain news media).

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