Analysis: James Wynn previously deposited 800000 USDC into CEX but initiated fundraising, raising doubts

Odaily Planet Daily News: According to @ ai_9684xtpa's article on X platform, James Wynn's decision to choose "Waterdrop Fundraising" is really an abstract one. Not to mention how much money he earned before and whether there are other funds available, the HYPE he sold this morning was worth $4.17 million, of which 2.98 million USDC were recharged into Hyperliquid for margin and the remaining 800000 were recharged into Kucoin. Why can't this fund be used as margin? It seems that only the statement "there is another order in the exchange" can explain it?