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Making $4 Million in Two Months: Unveiling James Wynn's "Hedging Alt Account"

Ismay

2025-06-15 17:01

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Original Author: @dethective, On-chain Detective

Translated by: Ismay, BlockBeats

Editor's Note: This article uses on-chain data and account behavior analysis to uncover the meticulously orchestrated hedging operations behind James Wynn’s "losing persona" as a KOL: on the surface, he appears to suffer liquidations and losses, but in reality, he is secretly profiting. In the crypto world, identities and funds can often be easily disguised, but transaction records never lie.

Below is the original content:

I found the Hyperliquid account being used by James Wynn. He has been betting against himself.

On one hand, going long on Bitcoin

On the other, going short on Bitcoin

This was long suspected by many, and now I have concrete evidence.

How did I identify this wallet?

I noticed James earned $44,000 in referral commissions; $16,000 of this came from a single wallet, which had a trading volume of $1 billion.

More crucially, this wallet’s registration predates the time James started sharing his referral link.

Coincidence?

Digging deeper into the transaction data, these two wallets are almost always trading the same set of tokens.

Another coincidence?

Next, delving into Bitcoin transactions. As everyone knows, he rose to fame by performing a series of sensational Bitcoin trades.

I plotted the trades from these two accounts on a chart:

represents transactions by the hidden account

represents transactions by the public account

You can see they’re always on opposing sides.

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On that hidden account, he is indeed making money. That’s right, this account has no liquidation records whatsoever.

Currently, its unrealized profit stands at a whopping $4.2 million.

Current Position: He is now long on ETH with 25x leverage.

Interestingly, this move is almost a carbon copy of a trade made by his friend Andrew Tate.

As everyone has long suspected, he hasn’t actually lost much money. Now we finally have the proof. But here’s the issue—his so-called “devastating losses” persona has turned into a highly effective marketing strategy.

As of today, he has:

370,000 followers

2,360 “smart fans” (Please, stop following him already)

More Yaps than most people could earn in a lifetime

This has provided him with enough “credibility” to push his Meme coins, sell courses, and find every possible way to monetize further.

Every time something like this goes viral online, I always see the same comment repeatedly:

“Didn’t he lose $90 million and now he’s only made $4 million?”

Let me break it down for you:

He didn’t lose $90 million. That was just his unrealized gain on paper at one point during the day—it wasn’t actual cash in hand.

While his primary account showed a profit of $90 million, his other accounts were actually incurring losses (and that’s the basic principle of hedging).

Yes, I’ll concede that the size of his hedges might not have been perfectly balanced.

If he placed that giant order on Hyperliquid, then it’s very likely he executed similar trades on other exchanges (like Binance, where he frequently transfers funds).

The reason he went viral is that people saw that massive “$90 million” figure, read the headline, and just believed it outright.

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If we evaluate a trade based on its "maximum unrealized gains," then, frankly, almost everyone has "lost" millions at some point.

Watching those with strong backgrounds and ample experience also fall for this type of emotional marketing only proves one thing—this tactic is indeed very effective.