UK-based crypto trader James Wynn has launched a new memecoin called $ASSDAQ following a catastrophic trading loss of over $85 million. Wynn, who famously turned $7,000 into $83 million via early PEPE investments and leverage trading on Hyperliquid, saw his account liquidated six times between March and April 2026, reducing his balance to roughly $900.
In response, Wynn initiated a presale for $ASSDAQ, a token he describes as a deliberate mockery of the Nasdaq stock exchange, which he believes is poised for a significant decline. The presale, which accepts SOL donations, raised approximately $8,000 in its first ten hours.
The launch, however, has been marred by controversy and accusations of potential fraud. Crypto watchdog MASTR has publicly accused Wynn of soliciting donations for the token launch and potentially planning a rug-pull. MASTR's analysis suggests Wynn's self-assigned allocation of $ASSDAQ tokens is worth around $90,000, which he could dump on the market, harming investors.
According to MASTR's report, around 245 wallets sent funds directly to Wynn, contributing a total of roughly $8,900. The watchdog labeled these contributors as the "dumbest wallets," highlighting the perceived risk of the venture. The weak demand and serious allegations have cast a shadow over the project's legitimacy from its inception.
