A trader operating under the name James Wynn has sparked debate across the crypto space after reportedly generating over $46 million in unrealized profits on decentralized exchange Hyperliquid.
On-chain analytics platform Lookonchain highlighted Wynn’s activity, revealing that he’s made bold, high-leverage bets across Bitcoin and several memecoins in just two months.
Among his standout positions is a 40x leveraged long on Bitcoin, entered near $94,000—now sitting on over $5.4 million in paper profits with BTC trading above $100,000. But his largest windfall comes from PEPE, where a $56 million commitment has netted nearly $24 million in gains. Additional leveraged longs on TRUMP and FARTCOIN have brought in over $10 million combined, while a smaller HYPE position earned around $31,000.
While some have praised Wynn’s trading skill, others have accused him of shady past behavior, citing an alleged rug pull in 2024 and concerns over ongoing low-cap promotions. Critics claim he may be operating more as a crypto influencer than a pure trader.
Meanwhile, the broader market has been unforgiving to short sellers. As Bitcoin and Ethereum rallied—pushing past $100,000 and seeing double-digit surges—shorts suffered over $879 million in liquidations on May 9 alone. More than 125,000 traders were wiped out in 24 hours, with ETH short positions taking the largest hit.
Despite this, bearish sentiment persists. One whale recently deployed $17 million in USDC to short major assets on Hyperliquid with 3x leverage—already down $1.2 million, according to Lookonchain.
Amid this volatility, Hyperliquid has emerged as a powerhouse in the decentralized trading arena. According to DeFiLlama, the platform has processed over $9.2 billion in daily volume, leading the sector with 60% market share in perp trading. Its native token, HYPE, has surged more than 80% over the past month, although it remains slightly down year-to-date.
As risk appetite returns and Hyperliquid cements its lead, traders like Wynn are becoming symbols of the high-stakes, high-volatility environment that continues to define DeFi’s wild frontier.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/crypto-investor-made-46m-in-weeks-heres-how/