Onchain investigator ZachXBT has publicly accused BitMEX co-founder Arthur Hayes of promoting four tokens — including Worldcoin and Zcash — and then selling his holdings within roughly 15 days. In a post on social media, ZachXBT characterized Hayes' actions as generating 'exit liquidity' for himself, implying that the entrepreneur used his influence to boost token prices before cashing out.
Details of the Allegation
According to ZachXBT, Hayes promoted the tokens and then dumped his positions shortly after. The onchain sleuth did not specify the other two tokens involved in the accusation, but pointed to evidence he says shows the timing of Hayes' sales. ZachXBT has previously exposed similar behavior by crypto influencers, using blockchain data to track wallet movements.
Hayes, who stepped down from his role at BitMEX in 2020 after pleading guilty to violating the Bank Secrecy Act, has not responded to the allegation. Neither has the BitMEX platform commented on the matter.
The accusation lays out a clear pattern: a well-known figure promotes a token, the price rises, and then the promoter sells. That's not illegal per se, but it raises questions about transparency and fairness in crypto markets. Regulators in the U.S. and Europe have been tightening rules around influencer endorsements, though enforcement remains spotty.
Worldcoin, co-founded by OpenAI's Sam Altman, and Zcash, a privacy-focused cryptocurrency, are both established projects with active communities. The allegation does not claim the projects themselves were involved in any wrongdoing.
What's unresolved is whether Hayes will address the claim or if any regulatory body takes an interest. For now, the onchain data — and the accusation — are out there.
