Original author: @dethective, On-chain detective
Original translation: Ismay, BlockBeats
Editor's note: This article reveals the carefully orchestrated hedging operations behind James Wynn's "loser persona" KOL through on-chain data and account behavior analysis: on the surface, he appears to be liquidating and losing, but in reality, he is profiting in secret. In the crypto world, identity and funds can often be easily hidden, but transaction records do not lie.
I found the Hyperliquid account used by James Wynn, where he has been betting against himself.
On one hand, he is going long on Bitcoin
On the other hand, he is going short on Bitcoin
There have been suspicions about this for a while, 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 has a trading volume of up to $1 billion;
More importantly, this wallet was registered before James started sharing the referral link.
Coincidence?
Upon further analysis of the trading situation, these two wallets traded almost the same set of tokens.
Another coincidence?
Next, I delved into Bitcoin trading. Everyone knows he became famous through a series of crazy Bitcoin trades.
I marked the trades of the two accounts on the chart:
Trades representing the hidden account
Trades representing the public account
As you can see, they are always on opposing sides.
4/ On that hidden account, he is making money, yes, this account has no liquidation records.
Currently, the paper profit is as high as $4.2 million.
Current position: he is currently going long on ETH with 25x leverage.
Interestingly, this operation is almost identical to the trades of his friend Andrew Tate.
As everyone has long 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 has:
370,000 followers
2,360 "smart fans" (please, stop following him)
Yaps that he will never earn in a lifetime
All of this has given him enough "credibility" to promote his Meme coin, sell courses, and find every possible way to continue monetizing.
Whenever such things go viral online, I always see the same comment:
"Didn't he lose $90 million, and now only made $4 million?"
Let me explain:
He did not lose $90 million. That was just an unrealized gain he reached at one point during trading, 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).
That's right, the scale of the hedging positions may not be exactly the same, and I agree with that.
If he placed this order on Hyperliquid, then he likely did the same 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, then frankly, almost everyone has "lost" millions at some point.
Seeing those with strong backgrounds and ample experience easily deceived by such emotional marketing only shows that—this trick is indeed very effective.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
