Arthur Hayes has questioned the motivations behind recent high-profile moves by crypto investor James Wynn.

He suggested that the trader’s actions might be more driven by a desire for engagement rather than making actual earnings.

Airdrop Farming Allegations

In a clip shared by Laura Shin, host of the Unchained Podcast, Hayes commented on Wynn’s latest moves:

“I think he farmed the airdrop. I dont think he took a billion dollars of Delta on Bitcoin.”

Wynn is a well-known investor who has gotten attention from the crypto community for his bold and high-risk trading strategies. In the past, the whale has bet more than $1 billion on Bitcoin (BTC). His most recent move saw him unstake and sell his entire holding of 126,116 HYPE tokens for approximately $4.13 million.

He had originally bought the tokens on May 9 and 12 at an average price of $24.84, then sold them at $32.72 each, locking in a 31.9% profit on his $3.13 million investment. After cashing out, the trader withdrew all his USDC from Hyperliquid and announced a break from perpetual trading after booking a net loss of $17.5 million from his recent bets.

What’s notable is that this sell-off came hours before Wynn’s new $99.5 million Bitcoin long position on Hyperliquid. Hayes argued that if Wynn had truly taken on a billion-dollar Delta position, he wouldn’t have publicized it on social media, exposing himself to targeted attacks.

The BitMEX co-founder described the move as a well-executed strategy to generate attention, speculating that Wynn would likely receive a sizable amount of HYPE tokens from the airdrop. He added that the pseudonymous trader probably didn’t lose money and may have used other accounts or split his positions across different wallets to remain delta-neutral. According to him, any losses from trading fees would also have been offset by the potential value of the tokens received in the airdrop.

Hayes Questions Hyperliquid’s Future

In a separate video shared by Shin, Hayes also raised a key concern about whether Hyperliquid’s current valuation and user base will be sustainable once U.S.-based giants like Coinbase and Robinhood roll out perpetual trading platforms.

The 40-year-old explained that Hyperliquid currently serves users who cant access centralized exchanges due to regulatory restrictions. However, he pointed out that once these major players start offering perpetuals with easier access, some of Hyperliquids 20,000 to 30,000 active traders might migrate.

Hayes added that even though those platforms would probably offer lower leverage, the convenience and regulatory clarity could be enough to lure users away.