The controversy started after Wynn warned his followers about a token launched in his name, stating that a group he referred to as “the cabal” was exploiting his identity to launch scam projects.
According to him:
“The cabal are launching coins in my name and rugging them. This is a heavily farmed coin and will go to zero. Do not buy.”
However, ZachXBT pushed back, alleging that Wynn had previously promoted and dumped similar low-cap tokens.
Wynn is a self-proclaimed high-risk leverage trader who has quickly become one of the most prominent figures in crypto social media circles over the past months.
The firm stated that his trades generated over $2 million in fees for the decentralized platform, and he walked away with over $25 million in profit.
“[Hyperliquid] is our only choice to revive the trust in this industry.”
Despite Wynn’s anti-scam rhetoric, past allegations continue to cast doubt on his reputation.
Screenshots in the thread allegedly showed Wynn asking for 2% of the token supply in exchange for helping the coin reach a $20 million valuation.
According to Kavuri, Wynn received 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 define his public profile.
“James Wynn trades like Alameda on steroids because he probably was a trader there.”
