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

A trader made $5.6 million in three days by betting against James Wynn’s every move — a calculated counterplay or Wynn quietly hedging through a shadow wallet?

According to Lookonchain, a trader identified by the wallet address 0x2258 has recently netted $5.6 million in just three days by taking the opposite side of James Wynn’s positions — shorting when Wynn went long, and longing when Wynn shorted.

On May 24, 0x2258 began shorting both Bitcoin (BTC) and Ethereum (ETH) just as Wynn opened a long position on BTC. The next day, when Wynn closed his BTC long, 0x2258 closed his short for a $1.36 million profit. Later on May 25, as Wynn flipped from long to short, opening a BTC short position, 0x2258 reversed his stance again and opened long positions in BTC and ETH.

On May 26, when Wynn exited his short position, the counter-trader closed his long, netting an additional $2.54 million. That same day, Wynn re-entered a long position on BTC, prompting 0x2258 to short BTC and ETH again, accumulating an unrealized profit of $1.7 million at the time of reporting by Lookonchain.

0x2258’s trading behavior has sparked speculation on X that the wallet could somehow be linked to Wynn himself. One user said “If it smells like fish, tastes like fish, and swims like fish, it’s probably a fish,” sharing a screenshot of 0x2258’s account performance to highlight how precisely its gains mirror the losses or position changes of Wynn’s public trades.

Several users suggested Wynn might be hedging through a second wallet. One user said, “Hedging his own trades? Or Johnny used him as a countertrade signal—which he was, by the way.” Another user wrote:

“… No sane person keeps losing millions every day. He likely kept his positions hedged there or elsewhere. What he was really after was attention and engagement—and big money draws attention.”

He went on to suggest that Wynn may have intentionally positioned his trades to trigger liquidations in others near his own risk levels, using deep capital to manipulate the market in his favor while misleading everyone watching.

Wynn denied his association with 0x2258 wallet, responding to the Lookonchain post even before the wider thread discussion unfolded, stating:

“Not happy with this post at all. Whoever trader 0x2258 is, it is not me and I have no clue who it is. I only trade on one HL account and that’s public. Don’t start spreading fake news with zero proof.”