Investor amasses $17M through counter-strategy against James Wynn's risky trading approach.
Crypto Trader Reaps $17 Million by Mirroring Opposite of James Wynn's Trades
A mysterious crypto trader with the wallet address 0x2258 has managed to earn over $17 million by consistently taking the opposite side of controversial trader James Wynn's positions. On May 30, 2023, Lookonchain reported that this trader had been mirroring Wynn's moves, leading to substantial profits.
The trader capitalized on Wynn's losses by shorting when Wynn went long and going long when Wynn shorted. This strategy began gaining attention on May 24, as 0x2258 shorted both Bitcoin and Ethereum, contrary to Wynn's long positions. The following day, after Wynn closed his trades, 0x2258 followed suit, netting a $1.36 million gain.
On several occasions, the trader's strategy proved particularly profitable. For example, when Wynn flipped to short Bitcoin and Ethereum, 0x2258 went long, earning $2.54 million when Wynn exited his position. This pattern continued until May 26, when Wynn once again went long, resulting in a $1.7 million profit for 0x2258 through shorting.
James Wynn, a high-leverage trader, has experienced significant losses as a result of his aggressive trading style on Hyperliquid. Current estimates put his losses at approximately $100 million[2][3][5]. Despite these substantial losses, Wynn maintains no regrets, viewing his experiences as a thrilling ride for himself and his followers.
Known for his high-risk trades, Wynn has also been a contentious figure due to his involvement in memecoins. Several crypto investigators, including ZachXBT, have accused him of pumping and dumping memecoins to his followers[4].
[1] The crypto trader's profits largely come from taking short positions when Wynn goes long and vice versa.[2] James Wynn's losses have reached over $100 million as of May 30, 2023.[3] The traders' strategies became apparent on May 24, when 0x2258 shorted both Bitcoin and Ethereum against Wynn's long positions.[4] James Wynn has been accused by several crypto investigators of pumping and dumping memecoins to his followers.[5] The Enrichment Data contains additional details on the extent of Wynn's losses and the trader's profits. However, for the sake of brevity and focus, these details have been omitted from the main article.
- The crypto trader, known by the wallet address 0x2258, amassed over $17 million by mirroring the opposite trades of James Wynn, a controversial high-leverage trader.
- On May 24, the strategy of the crypto trader was apparent when 0x2258 shorted both Bitcoin and Ethereum, which was contrary to Wynn's long positions.
- James Wynn, a contentious figure in the crypto world, has been accused by several investigators of pumping and dumping memecoins to his followers.
- Despite the substantial losses of around $100 million as of May 30, 2023, Wynn remains unapologetic, viewing his trading experiences as a thrilling ride for himself and his followers.
- The crypto trader's profits primarily stem from shorting when Wynn goes long and going long when Wynn short, a strategy that has proved particularly profitable on several occasions.
- Cryptocurrencies like Bitcoin, Ethereum, and even memecoins like XRP and tokens on decentralized exchanges (DEX) could potentially be used for sports-betting, reflecting the broader intersection of finance, technology, and the sports world.
