Dealer makes $17M by betting in opposition to James Wynn’s high-risk technique
Whereas James Wynn misplaced practically $100 million, one other dealer made a fortune by constantly taking the alternative facet of his trades.
One crypto dealer earned greater than $17 million by betting in opposition to controversial crypto fund supervisor James Wynn. On Friday, Could 30, Lookonchain reported that the dealer behind pockets tackle 0x2258 repeatedly mirrored the alternative of Wynn’s positions.
The dealer shorted when Wynn went lengthy and went lengthy when Wynn shorted. The strategy paid off, leading to $17 million in earnings whereas Wynn racked up $98 million in losses.
This technique began drew consideration on Could 24, when 0x2258 shorted each Bitcoin and Ethereum, opposite to Wynn’s lengthy positions. The following day, after Wynn closed his trades, 0x2258 adopted go well with, locking in a $1.36 million achieve.
Wynn then flipped to shorting BTC and ETH, whereas 0x2258 went lengthy. When Wynn exited, the counter-trade earned 0x2258 one other $2.54 million. This continued till Could 26, when Wynn went lengthy once more and 0x2258 profited $1.7 million by shorting.
Wynn’s dangerous bets price him $98 million
James Wynn is a widely known high-leverage dealer whose dangerous trades on Hyperliquid have led him to the most important losses but, now amounting to about $100 million. Nonetheless, the dealer said that he had no regrets over the “on line casino.”
“Zero regrets. Flipping $4 million to $100 million and again right down to -$13 million is one hell of a thrill. Hope a lot of you loved it as a lot as I did,” James Wynn stated.
Whereas being well-known for his leveraged trades, Wynn can be a controversial determine as a result of his involvement in memecoins. He was accused by a number of crypto investigators, together with ZachXBT, of pumping and dumping memecoins to his followers.