Trader nets $5.6M in 3 days by betting against James Wynn positions

Trader Nets $5.6 Million in Three Days by Betting Against Crypto Influencer's Moves

In a remarkable trading feat, a mysterious wallet address 0x2258 reportedly earned $5.6 million in just three days by taking the opposite side of crypto influencer James Wynn's positions. The trader's calculated counterplay has raised questions about whether Wynn himself might be involved in these profitable trades.

The Trading Strategy

According to blockchain analytics platform Lookonchain, the 0x2258 wallet began shorting Bitcoin (BTC) and Ethereum (ETH) on May 24, precisely as Wynn opened a long position on BTC. The next day, when Wynn closed his BTC long, the counter-trader exited his short, securing a $1.36 million profit.

On May 25, when Wynn flipped to a BTC short position, 0x2258 reversed course and went long on both BTC and ETH. As Wynn exited his short on May 26, the counter-trader closed his long positions, adding another $2.54 million to his gains. Later that same day, when Wynn re-entered a BTC long, 0x2258 shorted BTC and ETH again, locking in an unrealized profit of $1.7 million at the time of reporting.

Speculation and Denials

The trading pattern has led some social media users to speculate that the wallet could belong to Wynn himself, possibly as a hedge against his public trades. Wynn has denied any connection to the 0x2258 wallet, insisting he only trades through a single public account.

Market Manipulation Concerns

The situation has also sparked discussions about potential market manipulation. Some observers suggest Wynn may have strategically placed trades to trigger liquidations near his risk levels, using deep capital to his advantage while misleading followers.

As the crypto community continues to dissect this case, the 0x2258 wallet's success highlights both the opportunities and risks in today's volatile digital asset markets.