Investigator: Arthur Hayes promoted then sold four tokens

On June 6, onchain investigator ZachXBT posted allegations that BitMEX co-founder Arthur Hayes promoted four publicly hyped tokens and then sold his positions within about 15 days, creating what he described as “exit liquidity.” The tokens named were ZEC, NEAR, HYPE and WLD.

ZachXBT’s posts outline a pattern of bullish promotion followed by rapid exits. He wrote that Hayes repeatedly issued bullish calls that drew retail buyers and then closed positions shortly afterward. ZachXBT summarized the sequence in one post: “Promote WLD position you claim to be super bullish on multiple times with targets significantly higher than current price. Exit WLD position shortly after.” “Exit liquidity” refers to later buyers whose purchases allow a large holder to sell without forcing a steep price drop.

The most recent example centers on Worldcoin’s WLD token. According to ZachXBT, Hayes set up a WLD position days earlier and on June 4 told followers he intended to hold the token through a high-profile listing, framing it as a bet on AI-related momentum. A later post from Hayes read: “Dumped WLD. I’m out,” accompanied by a chart and an after-the-fact disclosure of the sale.

ZachXBT linked the WLD sale to three other exits in about a two-week span. Hayes reportedly sold his entire ZEC holding after a vulnerability was disclosed in zcash’s Orchard shielded pool; that flaw briefly pushed ZEC down about 50% before a partial rebound. A wallet tied to Hayes sold HYPE near $54 after earlier public targets of $150, and later bought back in at a higher price. NEAR is also listed among the tokens Hayes is said to have exited in the period.

Supporters of Hayes point to his long-form essays explaining trade rationale and note he publishes transaction details after trades. Critics, including ZachXBT, say that when a trader with Hayes’ following posts a bullish thesis, retail buyers often enter quickly and can provide the liquidity for larger holders to sell.

Promoting a token one holds is not, by itself, illegal. Neither the disclosures posted by Hayes nor ZachXBT’s allegations constitute proof of market manipulation. Hayes has not publicly responded to the posts. Analysts note that tokens with smaller circulating floats and lower liquidity, such as zcash and Worldcoin, can be more sensitive to large trades and rapid shifts in sentiment, which can lead to larger price swings in thinner markets.