Whereas James Wynn misplaced almost $100 million, one other dealer made a fortune by persistently taking the other 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, Might 30, Lookonchain reported that the dealer behind pockets handle 0x2258 repeatedly mirrored the other of Wynn’s positions.
The dealer shorted when Wynn went lengthy and went lengthy when Wynn shorted. The method paid off, leading to $17 million in earnings whereas Wynn racked up $98 million in losses.
This technique began drew consideration on Might 24, when 0x2258 shorted each Bitcoin and Ethereum, opposite to Wynn’s lengthy positions. The subsequent day, after Wynn closed his trades, 0x2258 adopted swimsuit, 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 Might 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 well known high-leverage dealer whose dangerous trades on Hyperliquid have led him to the largest losses but, now amounting to about $100 million. Nonetheless, the dealer said that he had no regrets over the “casino.”
“Zero regrets. Flipping $4 million to $100 million and back down to -$13 million is one hell of a thrill. Hope many of you enjoyed it as much as I did,” James Wynn stated.
Whereas being well-known for his leveraged trades, Wynn can also be a controversial determine resulting from his involvement in memecoins. He was accused by a number of crypto investigators, together with ZachXBT, of pumping and dumping memecoins to his followers.