Blockchain investigator ZachXBT has publicly accused high-risk dealer James Wynn of hypocrisy and misleading buying and selling practices.
In a Could 28 submit on X, ZachXBT alleged that Wynn, who just lately condemned rip-off tokens tied to his title, had beforehand engaged in related pump-and-dump ways involving memecoins.
The controversy began after Wynn warned his followers a couple of token launched in his title, stating {that a} group he known as “the cabal” was exploiting his identification to launch rip-off tasks.
In line with him:
“The cabal are launching cash in my title and rugging them. This can be a closely farmed coin and can go to zero. Don’t purchase.”
Nevertheless, ZachXBT pushed again, alleging that Wynn had beforehand promoted and dumped related low-cap tokens.
The blockchain investigator accused the dealer of “playing with stolen cash” on Hyperliquid, implying that Wynn profited from unethical offers whereas publicly denouncing such conduct.
Who’s James Wynn?
Wynn is a self-proclaimed high-risk leverage dealer who has rapidly turn into one of the vital distinguished figures in crypto social media circles over the previous months.
His aggressive buying and selling on Hyperliquid, a decentralized derivatives platform, has turned heads, notably after he took a 40x leveraged place on Bitcoin because it surged in direction of new highs.
This weekend, Wynn constructed billion-dollar trades on each lengthy and quick sides of the market, additional gaining excessive unfold consideration.
These high-stakes bets have propelled him into the highlight. Information from the blockchain analytics platform Lookonchain reveals that he executed 39 trades over the previous three months, with 17 turning a revenue, for a forty five% success fee.
The agency acknowledged that his trades generated over $2 million in charges for the decentralized platform, and he walked away with over $25 million in revenue.
Past buying and selling, Wynn has additionally framed himself as a defender of decentralization and ethics.
He as soon as claimed he turned down a $1 million month-to-month supply from Bybit, citing considerations over centralized change practices. As an alternative, he touted Hyperliquid, saying:
“[Hyperliquid] is our solely option to revive the belief on this trade.”
Outdated allegations resurface
Regardless of Wynn’s anti-scam rhetoric, previous allegations proceed to forged doubt on his popularity.
In 2024, a crypto person, Dylan, printed an in depth thread accusing Wynn of covertly requesting personal allocations within the BabyPepe token.
Screenshots within the thread allegedly confirmed Wynn asking for two% of the token provide in change for serving to the coin attain a $20 million valuation.
After a quick point out in his Telegram group, Wynn reportedly offered the tokens for a fast $68,000 revenue after which severed all contact with the group.
Past BabyPepe, Wynn has additionally confronted backlash for pushing different low-cap tokens equivalent to ELON and WYNN, that are allegedly linked to his identification.
The dealer has additionally been linked to Alameda Analysis, the defunct crypto market-making arm of the failed FTX change.
FTX creditor activist Sunil Kavuri famous that Wynn’s early wallets obtained ETH from Alameda and urged Wynn might have benefited from insider ideas.
In line with Kavuri, Wynn obtained 6,000 ETH in 2020 from Alameda. The FTX creditor activist claimed that this early capital helped fund Wynn’s memecoin trades and large-scale positions that now outline his public profile.
He acknowledged:
“James Wynn trades like Alameda on steroids as a result of he most likely was a dealer there.”
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