Author: @dethective, Detective on the Chain
Compiled by: Ismay, BlockBeats
This article uses on-chain data and account behavior analysis to reveal the carefully orchestrated hedging operations behind James Wynn, the "loss-making personality" KOL: on the surface, he lost money, but in fact he made a profit secretly. In the crypto world, identities and funds can often be easily hidden, but transaction records will not lie.
The following is the original content:
I found the Hyperliquid account used by James Wynn, who had been betting against himself.
Long Bitcoin
Shorting Bitcoin
Some people have always suspected this, but now I have solid evidence.
How did I find this wallet?
I noticed that James made $44,000 from referral rebates; $16,000 of that came from a single wallet; the transaction volume of this wallet was as high as $1 billion;
More importantly, this wallet was registered before James started sharing the invitation link.
Is it a coincidence?
A deeper analysis of the transactions shows that the two wallets trade almost the same set of tokens.
Is this another coincidence?
Next, let’s analyze the Bitcoin transactions in depth. As we all know, he became famous through a series of crazy Bitcoin transactions.
I marked the transactions of the two accounts on the graph:
Transactions representing hidden accounts
Transactions representing public accounts
It can be seen that they always stand on opposing sides.
He made money on that hidden account. Yes, there was no record of margin call in this account.
The current book profit is as high as 4.2 million US dollars.
Current position: He is currently long ETH with 25x leverage.
Interestingly, his operation was almost identical to the transaction of his friend Andrew Tate.
As everyone has suspected, he didn’t actually lose much money, and now we finally have proof. But the problem is that his “huge loss personality” has become a very effective marketing tool.
Now he has:
370,000 followers
2360 "smart fans" (please, stop following him)
Yaps that you can never earn in your lifetime
All of this gave him enough "credibility" to promote his own Meme coins, sell courses, and even try every possible way to cash in.
Whenever something like this goes viral, I keep seeing the same comment:
"Didn't he lose $90 million and now he's only making $4 million?"
Let me explain:
He didn’t lose $90 million. That was just the unrealized gains he made during a certain day, not the actual money he received.
While his main account showed a profit of $90 million, his other accounts were actually losing money (this is the basic principle of hedging).
Yes, I agree that the sizes of hedged positions may not be exactly the same.
If he placed this order on Hyperliquid, he probably also did the same on other platforms, such as Binance, where he frequently transferred money.
The reason why he became so popular is because everyone saw the exaggerated figure of "90 million US dollars" and believed it just by reading the title.
If we use "maximum unrealized profit" to judge a transaction, then to put it bluntly, almost everyone has "lost" millions at some point.
Seeing those with strong backgrounds and sufficient experience being easily deceived by this kind of emotional marketing can only mean that this trick is indeed very effective.
