1. The birth of a myth: 40x leverage, crazy attention-grabbing
Wynn's popularity is no accident:
$PEPE 10x: Profit $23.4M
$TRUMP 10x: Profit $5.7M
$BTC 40x: Profit $4.96M
It is said that his unrealized gains on Hyperliquid once reached $87M, and he was called the "God of Leverage". Crypto Twitter was crazy about reposting screenshots of his opening positions, and he had countless followers.
2. Clues on the chain: Has the story been written long ago?
But the information on the chain shows:
As early as 2020, he received wallet transfers from Alameda
Some wallet addresses were generated using “custom prefixes”, which required a high level of computational effort
Some of his token operations are highly consistent with the abnormal growth of low-market-cap projects
It is highly likely that Wynn collected funds from the project party, buried chips in advance, and quietly shipped them out.
3. Collapse: A doomed reckoning
In May, news of US tariffs triggered a sharp market correction.
Wynn’s 40x long position in $BTC suffered explosive losses. To hedge the risk, he added another $856M short position, resulting in a loss of $16.4M in 15 hours. In the end, he failed to hold on and all his positions were liquidated at around $112K.
The on-chain data showed that his wallet had less than $10K left. He posted: "The money is not real." Then he closed his account.
4. The double game behind Wynn: Is he a manipulator or a marketing tool?
Wynn's myth of getting rich quickly and his "instant return to zero" are highly dramatic, sparking multiple conspiracy theories:
He is a virtual "legendary trader" packaged by Hyperliquid's marketing department to create FOMO to attract users
He used multiple wallets to hedge risks, making losses while arbitrage, harvesting attention and profits in both directions.
$HYPE tokens doubled during his popularity, which corresponds to his constant "calling" nodes
The chain shows that he frequently deposited and withdrew funds when promoting low-market-cap projects BabyPepe, ELON, and the "self-named" $WYNN token, and sold them precisely before a big rise.
in conclusion:
The mythical story of James Wynn is not a legend of "common people turning over a new leaf", but a carefully designed "crypto version of gambler marketing script".
His success does not rely on talent trading, but on:
Public opinion manipulation
Precise Timing
And the “silent collaboration” of on-chain operations
He is not a “loser” after all, but a trader who may leave with a profit from the other side’s wallet.
There will be no shortage of characters like Wynn in the crypto market, but this story serves as a warning to all speculators: the legend in your eyes may just be a script that someone else has already written.
