Arthur Hayes, the former CEO of BitMEX, recently found himself at the center of attention during the Token2049 conference in Singapore.
Hayes promote Pendle at Token2049, SOurce: Twitter
Hayes, known for his impact on the crypto industry, utilized his stage time to promote Pendle, a cryptocurrency project in which he is deeply involved. A lot of people saw his over 30-minute speech as an obvious attempt to raise the project’s profile and, as a result, his own stake in it.
Following the conference, on Friday, it was reported that Hayes transferred over a million dollars worth of Pendle tokens to his accounts on Binance and ByBit.
Since these centralized exchanges often commingle customer assets, the transfer led to widespread speculation that Hayes had sold the tokens, causing a stir within the crypto community. Many quickly referenced Hayes’ infamous “Yahtzee!” exclamation, implying he had cashed out.
The reaction was swift and critical, with some observers suggesting that Hayes’ actions were another blatant example of market manipulation. Inversebrah, a popular figure in the crypto space, summed up the sentiment with the phrase, “Its business,” highlighting the transactional nature of Hayes’ move.
Some observers mocked Arthur Hayes for his poor timing in trading Pendle. Despite promoting the token at the Token2049 conference to an audience of 20,000, estimates suggest he may have lost money on his multi-month trade. However, these estimates, based on blockchain forensics, may not fully capture Hayes’ overall holdings or profits from his Pendle investments.
It’s important to note that Hayes’ complete financial picture remains unclear, as blockchain forensics can only provide a partial view of his transactions. In 2022, Hayes pleaded guilty to failing to prevent money laundering at BitMEX, which led to a prison sentence and a $10 million fine. Despite this, he has since resumed his business activities and continues to be an influential figure in the crypto world.
Also Read: Token2049: Arthur Hayes Expects Market Crash on Rate Cuts
