Original Article Title: "James Wynn: The Journey of a 'Crypto Gambler'"

Original Article Author: Bright, Foresight News

On June 2, whale James Wynn took to social media to state, "If you want to fight against the market-making group, support me by transferring USDC to a specific on-chain address. Assuming I win, everyone will receive their money back at a 1:1 ratio. Let's beat them. I need your help." Subsequently, James Wynn deposited the accumulated donation of 39,345.11 USDC into Hyperliquid, reducing the liquidation price.

This zero-cost fundraising tweet instantly sparked discussions. Has the man who is currently the most influential figure in the crypto market also resorted to "begging"? In fact, James Wynn, who previously often leveraged over $1 billion in positions, has fallen from grace, losing around $100 million in just under a week and being forced to pay back around $17.5 million in profits.

In response, BitMEX co-founder Arthur Hayes posted, "I am starting to think that this (referring to whale James Wynn's attempt at zero-cost fundraising) might become one of the most successful exchange marketing campaigns in crypto history. HYPE will prevail. Moreover, this guy is most likely hedging in another anonymous address specifically to receive the next round of Hyperliquid airdrop."

Then, on June 3, after turning his approximately $100 million worth of BTC long position from loss to profit, James Wynn quietly deleted the "begging" tweet he had posted at 10 PM the previous day. Currently, his long position has made over $400,000 in profits. At the peak of last night's tension, the Bitcoin price was just $20 away from James Wynn's long position liquidation price, with a floating loss of over $1.35 million.

Position and Tweet Timeline Recap

James Wynn publicly expresses his stance on every contract of his, so every open/close and profit/loss on his address on HLP reflects the current "top market gambler's" journey.

On May 30, James Wynn entered a "sage mode" after a massive loss.

After losing over $96 million within a week, with an overall account loss of $14.03 million, he posted on social media, saying, "Being a contract gambler is very interesting, and I regret nothing. Turning $4 million into $100 million, then dropping back to $13 million, was truly exhilarating. Most people dare not or cannot make such a trade. They can't do it, don't have the money to do it, and don't have the courage to publicly take on this kind of risk. Perhaps next time, I will try to earn $1 billion. I will be back."

In response, crypto KOL scooter, who was involved in exposing the LIBRA token's insider information, directly mocked saying, "James Wynn is a typical example, which explains why most scammers and rug pullers ultimately lose everything. They have never experienced the value of earning money honestly, nor have they truly experienced the effort required to earn money. Easy come, easy go." Well-known trader Eugene Ng Ah Sio also expressed similar views on his personal TG channel, "When you use excessive leverage, easy come, easy go."

On May 31, James Wynn aggregated $3.25 million through multiple addresses and went long on BTC and PEPE. After multiple rounds of liquidation and stop-loss, the actual value of his position (non-notional value) was only $800,000. James Wynn stated on social media, "I will come back, I love this game. Money is essentially a mindset. I am still richer than 99.9% of crypto Twitter users. I have made a huge and deliberate bet, aiming to earn tens of billions of dollars. My passive income every month is more than what most of you earn in a year."

On the same day, James Wynn also wrote, "One hundred million dollars is not a lot of money. Perhaps it is for those with constrained thinking. But for a free soul, anything is possible, and that money is insignificant. It is just $100 million, a drop in the ocean of the financial world. It's ridiculous how many people have never seen or even heard of this number in their entire lives. Free will is more important than a poor man's thinking."

On June 1, James Wynn once again announced his comeback, expressing his enthusiasm: "Some of you are behaving like gods, thinking you will cash out at $100 million. Have you ever thought that I never intended to cash out at $100 million? Why cash out? For me, it's either win all or lose everything." Currently, James Wynn holds no positions and has a total loss of $17.72 million.

Subsequently, James Wynn directly posted, stating that multiple CEXs unreasonably banned accounts, attributing the event to his anti-corruption stance and support for decentralization. He emphasized that he had never engaged in dumping, his funds were clean, and he had long been focused on on-chain meme coins and HyperLiquid trading, without accepting any token promotion fees or participating in pump and dumps. James Wynn stated that if the account continued to be banned, he would consider collaborating with the Moonpig team to launch a new platform to counter centralization control, saying, "I was born for war, the lawyers are ready, and I will make this confrontation public."

On June 2, James Wynn, who waved the flag of crypto freedom and transparency, announced on social media his decision to temporarily suspend engaging in contract trading. However, before the suspension announcement could even cool down, the gamblers pushed their chips up again. In less than 4 hours, James Wynn posted his Bitcoin long position chart and directly targeted Wintermute. He mentioned @Wintermute official account, stating, "I'm back."

However, as mentioned at the beginning of this article, James Wynn's long position had previously suffered a floating loss of over $1.35 million.

In response, James Wynn seemed a bit "overzealous," raising his arms and exclaiming, "If you want to support this cause / fight against corruption, buy BTC now. As soon as I went long, I was instantly sniped. There's definitely some kind of conspiracy here, I don't know what it is. It can't just be because of my long position, perhaps because I'm just a small fish playing a whale's game, or because I drew everyone's attention to HyperLiquid. Anyway, try to support by buying BTC!"

Finally, Lady Luck smiled upon him this time, and his long position eventually turned from loss to profit. James Wynn's gambler career was able to continue.

However, as James Wynn has come a long way, with his wallet swelling and then emptying, who has become the biggest winner? The continuously surging price of the HYPE coin may have already indicated everything. Previously, Wintermute, whom James Wynn had explicitly named, posted that their founder wishful_cynic said, "Overall, I think 'wynn' was just a very well-executed HL (Hyperliquid) marketing campaign, well done. He's great. His tweets are also great." In fact, James Wynn mentions Hyperliquid an average of three times in every tweet and consistently emphasizes decentralization, anti-corruption, anti-manipulation, and vaguely mentions the unconfirmed "account ban" scandal of other centralized exchanges. From a publicity perspective, James Wynn has achieved the greatest success in the crypto market this year.

While James Wynn, who champions full transparency, hedges his own significant visible position through an anonymous address, it remains unknown whether Hyperliquid has a direct interest in James Wynn. All these behind-the-scenes activities are still undisclosed to us.

Original Article Link

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia