Self-proclaimed crypto investigator ZachXBT has recently launched a serious allegation against influencer James Wynn, accusing him of orchestrating memecoin pump-and-dump schemes while dismissing Wynn’s claims of being a victim in this scenario.
Earlier today, ZachXBT countered Wynn’s statements, asserting that the influencer had profited from deceptive trading practices over a prolonged period.
Why ZachXBT Called out James Wynn
The controversy gained traction following a July 2024 exposé by a user named Dylan, who provided a detailed account of Wynn’s alleged actions involving the Babypepe token.
According to Dylan’s allegations, Wynn had acquired a staggering 2% of Babypepe’s total token supply through backdoor negotiations with the project team. Evidence, including screenshots, purportedly illustrated Wynn’s request for a substantial “bag” of tokens from the Babypepe developers, setting the stage for his follow-up promotion of the token on Telegram.
Once the hype was generated, Wynn allegedly executed multiple sales, offloading tokens in $6,000 increments and raking in an impressive $68,000 before abruptly severing communication with the Babypepe team by blocking them. ZachXBT’s investigation claims that these tactics mirror those Wynn has utilized in previous ventures, contradicting his self-proclaimed stance against scams and raising significant eyebrows within the investing community.
Furthermore, unsettling whispers are suggesting that Wynn’s high-leverage trading activities on the Hyperliquid platform may involve questionable or illicit funds, amplifying concerns about the integrity of his dealings.
Are Pump-and-Dump Scams a Trend?
Wynn is not alone in facing scrutiny; several other prominent figures in the crypto space have also been implicated in similar wrongdoing. For instance, Kelsier, KIP, and Meteora were alleged to have engaged in a series of questionable practices, including making false and misleading statements.
This is the fallout from the case involving the Argentine President, who promoted a pump-and-dump scheme called LIBRA, which wiped out over $4 billion in market capitalization almost overnight. While certain insiders cashed out more than $107 million before the value collapsed, many investors were left devastated.
Meanwhile, according to Lookonchain, James Wynn generated over $87 million in profits on the Hyperliquid platform within 70 days but lost nearly all of it in just five days. Previously, James Wynn was reported to have made $65.2 million in profits from trading PEPE.
