By: Bright, Foresight News

On June 2, whale James Wynn posted on social media, “If you want to fight against the market-making group and support me, please transfer USDC to a specific on-chain address. Assuming I win, everyone will get their money back at a 1:1 ratio. Let's beat them. I need your help.” Subsequently, James Wynn deposited the 39,345.11 USDC he had donated into Hyperliquid, lowering the liquidation price.

From crypto upstart to "outside the world", James Wynn's journey

This 0-cost fundraising tweet instantly caused a heated discussion. Has the most popular man in the current crypto market started to "beg"? In fact, James Wynn, who used to open positions of more than $1 billion with high leverage, has fallen from the altar of "Son of Versions". In the past week, he lost about $100 million, and lost about $17.5 million in profits.

In response, BitMEX co-founder Arthur Hayes wrote, “I’m beginning to think that this (referring to the whale James Wynn’s attempt to raise funds at zero cost) may become one of the most successful trading platform marketing campaigns in the history of the crypto community. HYPE will definitely win. In addition, this guy is likely to be hedging in another anonymous address, specifically to grab the next round of Hyperliquid airdrops.”

On June 3, James Wynn quietly deleted the "begging" tweet published at 22:00 yesterday after his BTC long positions with a total value of about $100 million turned from loss to profit. Currently, his long positions have made a profit of more than $400,000. At the most thrilling moment last night, the Bitcoin price was only $20 away from the liquidation price of James Wynn's long positions, with a floating loss of more than $1.35 million.

Position and tweet timeline

James Wynn will express his position on each of his contracts, so every opening and closing, profit and loss of his address published on HLP reflects the mental journey of James Wynn, the current "No. 1 gambler in the market."

On May 30, James Wynn fell into "sage mode" after suffering huge losses.

After losing more than $96 million in a week and an overall account loss of $14.03 million, he posted on social media: "It's very interesting to be a contract gambler, and I don't regret it at all. It's really exciting to turn $4 million into $100 million and then fall back to $13 million. Most people don't dare or dare to make such a deal. They can't do it, they don't have the money to do it, and they don't have the courage to take such a risk publicly. Maybe next time I will try to make $1 billion, and I will be back."

In response to this, Scooter, a crypto KOL who had participated in revealing the inside story of the LIBRA token, directly mocked: "James Wynn is a typical example, which explains why most scammers and ruggers will eventually lose everything. They have never experienced the value of making honest money, nor have they ever truly experienced the effort it takes to make money. Easy come, easy go." Well-known trader Eugene Ng Ah Sio also expressed a similar view on his personal TG channel, "When you use too much leverage, easy come easy go."

On May 31, James Wynn collected $3.25 million through multiple addresses and opened long positions in BTC and PEPE. After multiple rounds of liquidation and stop-loss, the actual position value (not the nominal value of the position) was only $800,000. In this regard, James Wynn said on the social platform, "I will come back, I like this game. Money is essentially a mentality. I am still richer than 99.9% of crypto Twitter users. I made a huge and well-thought-out bet with the goal of making billions of dollars. My passive income every month is more than most of you make in a year."

On the same day, James Wynn also posted a message saying, "$100 million is not a lot of money. For those whose minds are shackled, maybe it is. But for a free soul, everything is possible, and this amount of money is insignificant. It's just $100 million, a drop in the ocean of money. The funny thing is that many people have never seen or even heard of this number in their entire lives. Free will is more important than pauper thinking."

On June 1, James Wynn once again posted an article saying that he would make a comeback. He said passionately: "Some of you act like gods and think you will cash out at 100 million. Have you ever thought that I never planned to cash in at 100 million? Why should I cash in? For me, it's either all win or nothing." James Wynn currently does not hold any positions, with a total loss of 17.72 million US dollars.

Later, James Wynn directly posted that multiple CEXs had banned accounts for no reason, saying that the incident was due to his stance of opposing corruption and supporting decentralization. He emphasized that he had never participated in selling pressure, his funds were clean, and he had long focused on meme coins and HyperLiquid transactions on the chain. He had never accepted token promotion fees or participated in pumping. James Wynn said that if the account continues to be blocked, he will consider working with the Moonpig team to launch a new platform to fight back against centralized manipulation: "I was born for war, the lawyers are ready, and I will make this confrontation public."

On June 2, James Wynn, who has been waving the banner of crypto freedom and transparency, posted on social media announcing his decision to suspend contract trading.

But before the announcement of the suspension had even heated up, gamblers put their chips on the line again. Within four hours, James Wynn released a chart of his long Bitcoin positions, pointing the finger at Wintermute. He @Wintermute's official account said, "I'm back."

However, as shown at the beginning of this article, James Wynn's long position once suffered a floating loss of more than US$1.35 million.

James Wynn seemed a little "overwhelmed" by this. He raised his arms and shouted, "If you want to support this cause/fight corruption, buy BTC now. As soon as I went long, I was sniped instantly. There must be some conspiracy here, and I don’t know what it is. It can’t be just because of my long orders. It may be because I am just a small fish playing the game of big whales, or because I attracted everyone’s attention to HyperLiquid. In any case, try to support it by buying BTC!"

From crypto upstart to "outside the world", James Wynn's journey

In the end, the goddess of luck favored him this time, and his long position eventually turned a loss into a profit. James Wynn's gambler career continued.

However, James Wynn's pockets have been filled and emptied along the way. Who has become the biggest winner? The HYPE coin price, which continues to hit a record high, may have said it all. Wintermute, which was previously named by James Wynn, its founder wishful_cynic wrote, "Overall, I think "wynn" is just a well-executed HL (Hyperliquid) marketing campaign, well done. He is excellent. His tweets are also great." In fact, James Wynn mentions Hyperliquid once in an average of three Twitter posts, and constantly emphasizes decentralization, anti-corruption, and anti-manipulation, and vaguely mentions the unconfirmed "banned account" scandal of other centralized exchanges. From a communication perspective, James Wynn has achieved the greatest success in the crypto market this year.

Whether James Wynn, who holds high the banner of openness and transparency, hedges his huge open positions with anonymous addresses, and whether Hyperliquid has a direct interest relationship with James Wynn, we still don’t know the black box of all this.

Arthur Hayes: Bitcoin is expected to enter a mode of only rising and not falling

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