$17M Profit from Contrarian Crypto Trade
A crypto trader with wallet address 0x2258 has been among the biggest winners of the past few weeks by being simply following a very easy and risky approach—doing the exact opposite of contentious trader James Wynn. Information obtained from Lookonchain indicates that the trade accumulated over $17 million profit, whereas the losses incurred by Wynn are estimated to be nearly $100 million.
Contrarian Bet against Wynn’s Transactions for Enormous Gains
Beginning about May 24, 0x2258 started mirroring the reverse of Wynn’s positions. If Wynn shorted, then 0x2258 went long; if Wynn went long, then 0x2258 shorted.
- On May 24, 0x2258 shorted Bitcoin and Ethereum against Wynn’s longs, closing with a profit of $1.36 million.
- On May 25, after Wynn shorted, 0x2258 went long, earning an extra $2.54 million profit.
- On May 26, there was another $1.7 million profit when 0x2258 shorted and Wynn longed again.
This pattern repeated in a number of trades and amounted to $17 million profit.
James Wynn: From $100M High to $98M in Losses
James Wynn is famous for his high-leverage trade on Hyperliquid, where he previously turned $4 million into $100 million—before his wealth dropped to minus $13 million.
Undeterred by his loss,
“Zero regrets. Flipping $4 million to $100 million and back down to -$13 million is one hell of a thrill,” he posted on X.
Memecoin Pump-and-Dump Allegations
Wynn’s fame extends beyond poor leverage. He has also been associated with memecoin pump-and-dump allegations, with blockchain researcher ZachXBT and others accusing him of shilling coins before selling them to his followers.
With Wynn’s scheme unravelling, the trader who followed and reversed his positions is a fortunate survivor in an otherwise brutal market.
