Blockchain investigator ZachXBT has publicly accused high-risk dealer James Wynn of hypocrisy and misleading buying and selling practices.
In a Might 28 publish on X, ZachXBT alleged that Wynn, who just lately condemned rip-off tokens tied to his identify, had beforehand engaged in related pump-and-dump ways involving memecoins.
The controversy began after Wynn warned his followers a few token launched in his identify, stating {that a} group he known as “the cabal” was exploiting his id to launch rip-off initiatives.
In response to him:
“The cabal are launching cash in my identify and rugging them. It is 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 out to be one of the outstanding figures in crypto social media circles over the previous months.
His aggressive buying and selling on Hyperliquid, a decentralized derivatives platform, has turned heads, significantly after he took a 40x leveraged place on Bitcoin because it surged in the 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 price.
The agency said 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 issues over centralized alternate practices. As a substitute, he touted Hyperliquid, saying:
“[Hyperliquid] is our solely option to revive the belief on this business.”
Outdated allegations resurface
Regardless of Wynn’s anti-scam rhetoric, previous allegations proceed to forged doubt on his status.
In 2024, a crypto person, Dylan, revealed an in depth thread accusing Wynn of covertly requesting non-public allocations within the BabyPepe token.
Screenshots within the thread allegedly confirmed Wynn asking for two% of the token provide in alternate for serving to the coin attain a $20 million valuation.
After a quick point out in his Telegram group, Wynn reportedly bought the tokens for a fast $68,000 revenue after which severed all contact with the staff.
Past BabyPepe, Wynn has additionally confronted backlash for pushing different low-cap tokens reminiscent of ELON and WYNN, that are allegedly linked to his id.
The dealer has additionally been linked to Alameda Analysis, the defunct crypto market-making arm of the failed FTX alternate.
FTX creditor activist Sunil Kavuri famous that Wynn’s early wallets acquired ETH from Alameda and steered Wynn could have benefited from insider suggestions.
In response to Kavuri, Wynn acquired 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 said:
“James Wynn trades like Alameda on steroids as a result of he in all probability was a dealer there.”
