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{"actor":"system:backfill","investigation_id":"2f47bf9f-f3a7-4d97-8569-77aac3f87864","kind":"publish","page_slug":"arthur-hayes-maelstrom","published_at":"2026-06-09T20:57:10.050Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Arthur Hayes (Maelstrom)","sections":[{"content":"Arthur Hayes was born in 1985 in Detroit, Michigan. He attended the Wharton School of the University of Pennsylvania, earning a B.S. in Economics and Finance in 2008, and subsequently worked as an equity derivatives trader at Deutsche Bank in Hong Kong (2008–2011) and at Citigroup before being laid off in 2013. In 2014, at age 28, Hayes co-founded BitMEX (Bitcoin Mercantile Exchange) with Benjamin Delo and Samuel Reed, initially financed by family and friends. BitMEX became one of the world's largest virtual currency derivatives exchanges, pioneering the perpetual futures contract in 2016. By 2021 the platform reported average daily trading volume exceeding $2 billion. Hayes served as CEO until stepping down in 2020 following the DOJ/CFTC charges described below.","heading":"Background and BitMEX Founding","severity":"low","sources":[{"credibility":2,"name":"Arthur Hayes (banker) — Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Arthur_Hayes_(banker)"},{"credibility":2,"name":"Who is Arthur Hayes? Legal Battles and Crypto Innovations — 99Bitcoins","type":"news_article","url":"https://99bitcoins.com/people/who-is-arthur-hayes/"}]},{"content":"On October 1, 2020, the U.S. Department of Justice's Southern District of New York (SDNY) unsealed an indictment charging Hayes, Delo, Reed, and Gregory Dwyer (BitMEX's first employee) with willfully causing BitMEX to violate the Bank Secrecy Act (BSA) by failing to establish, implement, or maintain an adequate anti-money laundering (AML) program, including any know-your-customer (KYC) procedures. Concurrent with the DOJ action, the Commodity Futures Trading Commission filed a civil complaint alleging BitMEX operated as an unregistered futures commission merchant and transacted with U.S. customers in violation of the Commodity Exchange Act. The DOJ alleged that Hayes and his co-founders knew by at least September 2015 that serving U.S. customers required a compliant AML program, but chose to ignore that obligation. BitMEX customers could register and trade anonymously without providing identifying information prior to August 2020. Hayes surrendered to U.S. authorities in Hawaii in April 2021. On February 24, 2022, Hayes pleaded guilty to a single count of willfully failing to establish, implement, and maintain an AML program. On May 20, 2022, he was sentenced in the SDNY to two years of probation, six months of home confinement, and ordered to pay a $10 million fine representing his pecuniary gain from the offense. The BitMEX entity (HDR Global Trading) was separately ordered to pay $100 million in civil monetary penalties to the CFTC and FinCEN, while Hayes, Delo, and Reed were collectively ordered to pay $30 million in civil penalties ($10 million each) to the CFTC.","heading":"DOJ and CFTC Criminal and Civil Actions (2020–2022)","severity":"high","sources":[{"credibility":1,"name":"DOJ SDNY — Founders and Executives of Off-Shore Cryptocurrency Derivatives Exchange Charged With Violation of the Bank Secrecy Act (Oct. 2020)","type":"regulatory","url":"https://www.justice.gov/usao-sdny/pr/founders-and-executives-shore-cryptocurrency-derivatives-exchange-charged-violation"},{"credibility":1,"name":"CFTC Charges BitMEX Owners — Press Release No. 8270-20","type":"regulatory","url":"https://www.cftc.gov/PressRoom/PressReleases/8270-20"},{"credibility":1,"name":"Federal Court Orders BitMEX to Pay $100 Million — CFTC Press Release No. 8412-21","type":"regulatory","url":"https://www.cftc.gov/PressRoom/PressReleases/8412-21"},{"credibility":1,"name":"Federal Court Orders BitMEX Co-Founders to Pay $30 Million — CFTC Press Release No. 8522-22","type":"regulatory","url":"https://www.cftc.gov/PressRoom/PressReleases/8522-22"},{"credibility":2,"name":"BitMEX Founders Hayes and Delo Plead Guilty — CoinDesk, Feb. 24, 2022","type":"news_article","url":"https://www.coindesk.com/policy/2022/02/24/bitmex-founders-arthur-hayes-ben-delo-plead-guilty-to-violating-us-law"},{"credibility":2,"name":"Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation — CoinDesk, May 20, 2022","type":"news_article","url":"https://www.coindesk.com/policy/2022/05/20/former-bitmex-ceo-arthur-hayes-sentenced-to-2-years-probation"}]},{"content":"On March 28, 2025, President Donald Trump signed full and unconditional pardons for Arthur Hayes, Benjamin Delo, Samuel Reed, Gregory Dwyer, and the BitMEX operating entity HDR Global Trading. The pardons extinguished the Bank Secrecy Act convictions and were first reported by CNBC. Hayes publicly characterized the pardon as 'a vindication of the position we have always held — that BitMEX, my co-founders and I should never have been charged with a criminal offense through an obscure, antiquated law.' The pardons were among a broader pattern of Trump administration clemency actions for crypto industry figures. According to subsequent reporting, the pardon allowed Hayes to legally lead the Maelstrom Equity Fund and re-establish certain banking relationships that had been curtailed by his criminal record.","heading":"Presidential Pardon (March 2025)","severity":"medium","sources":[{"credibility":2,"name":"President Trump Pardons Arthur Hayes, 3 Other BitMEX Co-Founders and Employee — CoinDesk, Mar. 28, 2025","type":"news_article","url":"https://www.coindesk.com/policy/2025/03/28/president-trump-pardons-arthur-hayes-2-other-bitmex-co-founders-cnbc"},{"credibility":1,"name":"Trump Pardons BitMEX Co-Founders Arthur Hayes, Benjamin Delo and Samuel Reed — Bloomberg, Mar. 28, 2025","type":"news_article","url":"https://www.bloomberg.com/news/articles/2025-03-28/trump-pardons-bitmex-co-founders-arthur-hayes-benjamin-delo-and-samuel-reed"},{"credibility":1,"name":"Trump Pardons Three BitMEX Crypto Exchange Co-Founders — CNBC, Mar. 28, 2025","type":"news_article","url":"https://www.cnbc.com/2025/03/28/trump-pardon-bitmex-crypto-exchange-money-laundering.html"}]},{"content":"Maelstrom is Arthur Hayes' family office and investment vehicle, founded in 2023 and headquartered in Hong Kong. Hayes serves as Chief Investment Officer; co-founder and Managing Partner Akshat Vaidya handles operational leadership. The firm describes itself as building a long-term portfolio of infrastructure companies and liquid crypto assets across venture, liquid, private equity, and public market strategies. As of mid-2026, the Maelstrom portfolio includes over 30 venture-stage companies in areas such as DeFi, staking infrastructure, cross-chain services, privacy-preserving computation, and AI-adjacent protocols. Notable portfolio companies include Ethena (ENA), Ether.fi (ETHFI), Pendle Finance, Obol, Aethir, Nillion, and Ion Protocol, among others. Maelstrom publicly disclosed entering 2026 at 'almost maximum risk' with significant long exposure to HYPE, ZEC, NEAR, and liquid DeFi tokens. In October 2025, Maelstrom announced Maelstrom Equity Fund I, targeting $250 million from institutional investors including family offices and pension funds, with a first close targeted by March 31, 2026, and full close by September 2026. The fund would focus on equity stakes in mid-sized, cash-generating crypto infrastructure firms — a strategic shift away from token-only venture bets.","heading":"Maelstrom: Family Office and Investment Fund","severity":"low","sources":[{"credibility":2,"name":"Arthur Hayes' Maelstrom Enters 2026 at 'Almost Maximum Risk' — CoinDesk, Jan. 6, 2026","type":"news_article","url":"https://www.coindesk.com/markets/2026/01/06/arthur-hayes-maelstrom-enters-2026-at-almost-maximum-risk-betting-on-altcoins"},{"credibility":2,"name":"Arthur Hayes' Maelstrom Seeks $250M Private Equity Fund — CoinDesk, Oct. 17, 2025","type":"news_article","url":"https://www.coindesk.com/business/2025/10/17/arthur-hayes-maelstrom-seeks-usd250m-private-equity-fund-to-acquire-crypto-service-firms-bloomberg"},{"credibility":1,"name":"Maelstrom Fund Portfolio Page","type":"official","url":"https://maelstrom.fund/portfolio/"},{"credibility":2,"name":"Arthur Hayes' Family Office Targets $250M — The Block, Oct. 2025","type":"news_article","url":"https://www.theblock.co/post/375112/arthur-hayes-maelstrom-targets-250-million-private-equity-fund"}]},{"content":"In late 2025, Akshat Vaidya, Maelstrom's Managing Partner, publicly disclosed that a $100,000 investment made four years prior in a crypto venture capital fund had fallen in value to approximately $56,000 — representing a 44% drawdown — despite Bitcoin roughly doubling and seed-stage tokens rising as much as 75x over the same period. The fund reportedly charged a 3% annual management fee and 30% carry. This disclosure intensified scrutiny of Maelstrom's venture performance and the broader crypto VC model. The revelation came weeks after Maelstrom announced the new private equity vehicle, which Vaidya framed as a strategic pivot toward cash-generating businesses and away from speculative token-based venture bets. No regulatory action or litigation has been reported in connection with this underperformance as of the date of this investigation.","heading":"Maelstrom Venture Fund Underperformance and LP Criticism","severity":"medium","sources":[{"credibility":2,"name":"Arthur Hayes' Maelstrom Fund in LP Backlash After 44% Drawdown — BeInCrypto","type":"news_article","url":"https://beincrypto.com/maelstrom-fund-backlash-crypto-investment-loss/"},{"credibility":2,"name":"Arthur Hayes' Maelstrom Exec Exposes 44% Loss in Top Crypto VC Bet Even as BTC Doubles — Yahoo Finance","type":"news_article","url":"https://finance.yahoo.com/news/arthur-hayes-maelstrom-exec-exposes-115807497.html"}]},{"content":"In June 2026, on-chain investigator ZachXBT publicly alleged that Hayes engaged in a pattern of publicly promoting tokens and then exiting those positions within days, potentially using his large following (hundreds of thousands of social media followers) as exit liquidity. The sequence involved four tokens across approximately 15 days. On May 22, 2026, Hayes publicly called HYPE (Hyperliquid), ZEC (Zcash), and NEAR (NEAR Protocol) his portfolio's 'holy trinity,' and all three tokens rallied materially following the announcement — NEAR surged more than 30% within seven days. On June 4, 2026, Hayes announced via X that he had exited his entire HYPE and NEAR positions, citing macro concerns including rising energy costs linked to Middle East tensions, anticipated AI IPOs that he believed would drain liquidity, and a view that financial markets could peak between June and September 2026. He had set a public price target of $150 for HYPE in a March 2026 essay; HYPE was trading at approximately $67 at the time of his exit, well below that target. On June 5, 2026, Hayes disclosed selling his entire ZEC position, citing the disclosure of a potential critical vulnerability in Zcash's Orchard shielded pool — a bug present since 2022 that could theoretically have allowed unlimited ZEC minting. ZEC had been Hayes' second-largest Maelstrom holding and fell approximately 30–50% in 48 hours following the disclosure. On June 3, 2026, Maelstrom had published an investor note characterizing Worldcoin (WLD) as an 'overlooked' liquid AI IPO play and projecting a price target of $5 by August; WLD rose approximately 88% in the days following the note. On approximately June 6, 2026, Hayes disclosed he had sold his entire WLD position. ZachXBT's criticism, posted on June 6, questioned 'how much exit liquidity was created from your followers over the past couple days' and documented the pattern across all four tokens. Hayes responded publicly, stating he 'sold to a willing buyer at a market price' and that his exits followed 'predefined objectives' not influenced by social media. Hayes also denied a separately reported HYPE transaction attributed to a linked wallet by Lookonchain. The allegations, while generating significant industry discussion, involve no regulatory finding or legal adjudication as of the date of this investigation. Promoting tokens one holds is not inherently illegal, and Hayes provided more post-trade disclosure than many market participants. The credibility of ZachXBT's claims is rated at Tier 3 (social media post) by primary sourcing, though corroborated by contemporaneous price and on-chain data reported by Tier 2 outlets.","heading":"Alleged Exit Liquidity Pattern: HYPE, ZEC, NEAR, and WLD (June 2026)","severity":"high","sources":[{"credibility":3,"name":"ZachXBT Accuses Arthur Hayes of Using Followers as Exit Liquidity on HYPE, ZEC and WLD — KuCoin Blog","type":"community_report","url":"https://www.kucoin.com/blog/zachxbt-accuses-arthur-hayes-exit-liquidity"},{"credibility":2,"name":"Zcash to Worldcoin: ZachXBT Says Arthur Hayes Turned 4 Token Calls Into 'Exit Liquidity' — Bitcoin.com News","type":"news_article","url":"https://news.bitcoin.com/zachxbt-arthur-hayes-exit-liquidity-wld/"},{"credibility":2,"name":"Hyperliquid's HYPE Drops 10% as Arthur Hayes Exits Position Despite $150 Price Target — CoinDesk, Jun. 4, 2026","type":"news_article","url":"https://www.coindesk.com/markets/2026/06/04/hyperliquid-pulls-back-from-record-highs-as-arthur-hayes-exits-position-shy-of-usd150-price-target"},{"credibility":2,"name":"Arthur Hayes Dumps Zcash Holdings After Orchard Pool Vulnerability Revealed — CoinDesk, Jun. 5, 2026","type":"news_article","url":"https://www.coindesk.com/markets/2026/06/05/arthur-hayes-dumps-zcash-holdings-after-orchard-pool-vulnerability-revealed"},{"credibility":2,"name":"Arthur Hayes Dumps Worldcoin Days After Maelstrom Pitched Its AI IPO Trade — The Defiant","type":"news_article","url":"https://thedefiant.io/news/people/arthur-hayes-dumps-worldcoin-days-after-maelstrom-pitched-ai-ipo-trade"},{"credibility":2,"name":"ZachXBT Questions Arthur Hayes Over WLD, ZEC, HYPE and NEAR Token Sales — CoinCentral","type":"news_article","url":"https://coincentral.com/zachxbt-questions-arthur-hayes-over-wld-zec-hype-and-near-token-sales/"},{"credibility":2,"name":"NEAR Protocol Rallies as Arthur Hayes Declares It Part of Crypto's 'Holy Trinity' — Blockhead, May 25, 2026","type":"news_article","url":"https://www.blockhead.co/2026/05/25/near-protocol-rallies-as-arthur-hayes-declares-it-part-of-cryptos-holy-trinity/"},{"credibility":2,"name":"ZachXBT and BitMEX Co-Founder Arthur Hayes Face-Off Over 'Exit Liquidity' Accusation — Cryptopolitan","type":"news_article","url":"https://www.cryptopolitan.com/zachxbt-hayes-face-off-over-exit-liquidity/"}]},{"content":"Hayes maintains an active public presence through his Substack publication 'Crypto Trader Digest' (cryptohayes.substack.com), where he publishes macro-focused essays blending geopolitical analysis with cryptocurrency market views and personal commentary. His essays regularly set price targets for specific tokens and have demonstrably influenced short-term price action in those assets. CoinDesk named Hayes among its 'Most Influential' figures in crypto for 2025, citing his prescient calls on AI-adjacent tokens and Zcash. Hayes' public statements and Maelstrom's published investor notes are widely followed by retail and institutional traders. The convergence of his roles as public commentator, Maelstrom CIO, and holder of positions he publicly advocates creates a structural conflict-of-interest concern that has drawn repeated criticism, even absent evidence of legal wrongdoing. No securities regulator has opened an investigation into Hayes' public market commentary as of the date of this investigation.","heading":"Public Commentary and Market Influence","severity":"medium","sources":[{"credibility":1,"name":"Crypto Trader Digest — Arthur Hayes Substack","type":"official","url":"https://cryptohayes.substack.com/"},{"credibility":2,"name":"Most Influential: Arthur Hayes — CoinDesk, Dec. 11, 2025","type":"news_article","url":"https://www.coindesk.com/business/2025/12/11/most-influential-arthur-hayes"},{"credibility":2,"name":"Arthur Hayes Says Hyperliquid's HYPE Token Could Reach $150 by 2026 — CoinDesk, Mar. 13, 2026","type":"news_article","url":"https://www.coindesk.com/markets/2026/03/13/arthur-hayes-says-hyperliquid-s-hype-token-could-reach-usd150-by-2026"}]},{"content":"Arkham Intelligence research published in December 2025 estimated Hayes' net worth at between $200 million and $350 million, derived from verifiable on-chain holdings, equity stakes in BitMEX and Maelstrom, and investments in portfolio tokens including ENA and ETHFI. Arkham identified approximately $42 million in verifiable on-chain assets, with ETH (approximately 6,174 ETH as of the report) as the largest liquid holding. The upper bound of net worth estimates incorporates unverified holdings and illiquid equity positions and should be treated as approximate.","heading":"Financial Profile and Estimated Net Worth","severity":"low","sources":[{"credibility":2,"name":"Arthur Hayes: Net Worth and On-Chain Holdings (December 2025) — Arkham Intelligence","type":"on_chain","url":"https://info.arkm.com/research/arthur-hayes-net-worth-crypto-holdings-2026"}]}],"sources_used":[{"credibility":1,"name":"DOJ SDNY — Founders and Executives Charged (Oct. 2020)","type":"regulatory","url":"https://www.justice.gov/usao-sdny/pr/founders-and-executives-shore-cryptocurrency-derivatives-exchange-charged-violation"},{"credibility":1,"name":"CFTC Press Release No. 8270-20","type":"regulatory","url":"https://www.cftc.gov/PressRoom/PressReleases/8270-20"},{"credibility":1,"name":"CFTC Press Release No. 8412-21 — $100M Order Against BitMEX","type":"regulatory","url":"https://www.cftc.gov/PressRoom/PressReleases/8412-21"},{"credibility":1,"name":"CFTC Press Release No. 8522-22 — $30M Order Against Co-Founders","type":"regulatory","url":"https://www.cftc.gov/PressRoom/PressReleases/8522-22"},{"credibility":2,"name":"CoinDesk — Hayes and Delo Plead Guilty, Feb. 24, 2022","type":"news_article","url":"https://www.coindesk.com/policy/2022/02/24/bitmex-founders-arthur-hayes-ben-delo-plead-guilty-to-violating-us-law"},{"credibility":2,"name":"CoinDesk — Hayes Sentenced, May 20, 2022","type":"news_article","url":"https://www.coindesk.com/policy/2022/05/20/former-bitmex-ceo-arthur-hayes-sentenced-to-2-years-probation"},{"credibility":2,"name":"CoinDesk — Trump Pardons Hayes, Mar. 28, 2025","type":"news_article","url":"https://www.coindesk.com/policy/2025/03/28/president-trump-pardons-arthur-hayes-2-other-bitmex-co-founders-cnbc"},{"credibility":1,"name":"Bloomberg — Trump Pardons BitMEX Co-Founders, Mar. 28, 2025","type":"news_article","url":"https://www.bloomberg.com/news/articles/2025-03-28/trump-pardons-bitmex-co-founders-arthur-hayes-benjamin-delo-and-samuel-reed"},{"credibility":1,"name":"CNBC — Trump Pardons BitMEX Co-Founders, Mar. 28, 2025","type":"news_article","url":"https://www.cnbc.com/2025/03/28/trump-pardon-bitmex-crypto-exchange-money-laundering.html"},{"credibility":2,"name":"CoinDesk — Maelstrom Almost Maximum Risk, Jan. 6, 2026","type":"news_article","url":"https://www.coindesk.com/markets/2026/01/06/arthur-hayes-maelstrom-enters-2026-at-almost-maximum-risk-betting-on-altcoins"},{"credibility":2,"name":"CoinDesk — Maelstrom $250M PE Fund, Oct. 17, 2025","type":"news_article","url":"https://www.coindesk.com/business/2025/10/17/arthur-hayes-maelstrom-seeks-usd250m-private-equity-fund-to-acquire-crypto-service-firms-bloomberg"},{"credibility":2,"name":"The Block — Maelstrom $250M PE Fund","type":"news_article","url":"https://www.theblock.co/post/375112/arthur-hayes-maelstrom-targets-250-million-private-equity-fund"},{"credibility":1,"name":"Maelstrom Fund Official Portfolio Page","type":"official","url":"https://maelstrom.fund/portfolio/"},{"credibility":2,"name":"Yahoo Finance / BeInCrypto — Maelstrom 44% Drawdown","type":"news_article","url":"https://finance.yahoo.com/news/arthur-hayes-maelstrom-exec-exposes-115807497.html"},{"credibility":2,"name":"CoinDesk — HYPE $150 Target, Mar. 13, 2026","type":"news_article","url":"https://www.coindesk.com/markets/2026/03/13/arthur-hayes-says-hyperliquid-s-hype-token-could-reach-usd150-by-2026"},{"credibility":2,"name":"CoinDesk — Hayes Exits HYPE, Jun. 4, 2026","type":"news_article","url":"https://www.coindesk.com/markets/2026/06/04/hyperliquid-pulls-back-from-record-highs-as-arthur-hayes-exits-position-shy-of-usd150-price-target"},{"credibility":2,"name":"CoinDesk — Hayes Dumps ZEC, Jun. 5, 2026","type":"news_article","url":"https://www.coindesk.com/markets/2026/06/05/arthur-hayes-dumps-zcash-holdings-after-orchard-pool-vulnerability-revealed"},{"credibility":2,"name":"The Defiant — Hayes Dumps WLD After Maelstrom Pitch","type":"news_article","url":"https://thedefiant.io/news/people/arthur-hayes-dumps-worldcoin-days-after-maelstrom-pitched-ai-ipo-trade"},{"credibility":2,"name":"Bitcoin.com News — ZachXBT Exit Liquidity Accusations","type":"news_article","url":"https://news.bitcoin.com/zachxbt-arthur-hayes-exit-liquidity-wld/"},{"credibility":2,"name":"CoinCentral — ZachXBT Questions Hayes","type":"news_article","url":"https://coincentral.com/zachxbt-questions-arthur-hayes-over-wld-zec-hype-and-near-token-sales/"},{"credibility":2,"name":"Blockhead — NEAR 'Holy Trinity' Call, May 25, 2026","type":"news_article","url":"https://www.blockhead.co/2026/05/25/near-protocol-rallies-as-arthur-hayes-declares-it-part-of-cryptos-holy-trinity/"},{"credibility":2,"name":"Cryptopolitan — ZachXBT and Hayes Face-Off","type":"news_article","url":"https://www.cryptopolitan.com/zachxbt-hayes-face-off-over-exit-liquidity/"},{"credibility":2,"name":"CoinDesk — Most Influential: Arthur Hayes, Dec. 11, 2025","type":"news_article","url":"https://www.coindesk.com/business/2025/12/11/most-influential-arthur-hayes"},{"credibility":2,"name":"Arkham Intelligence — Hayes Net Worth and On-Chain Holdings, Dec. 2025","type":"on_chain","url":"https://info.arkm.com/research/arthur-hayes-net-worth-crypto-holdings-2026"},{"credibility":2,"name":"Arthur Hayes (banker) — Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Arthur_Hayes_(banker)"},{"credibility":1,"name":"Crypto Trader Digest — Arthur Hayes Substack","type":"official","url":"https://cryptohayes.substack.com/"}],"summary":"Arthur Hayes is the co-founder and former CEO of BitMEX, one of the world's largest cryptocurrency derivatives exchanges, who pleaded guilty in 2022 to a Bank Secrecy Act violation and received two years' probation and a $10 million fine, before being granted a full presidential pardon by Donald Trump in March 2025. He now operates as CIO of Maelstrom, his family office and investment fund, which manages a venture portfolio of over 30 crypto projects alongside a $250 million private equity vehicle targeting crypto infrastructure firms. In June 2026, on-chain investigator ZachXBT alleged that Hayes used his large public following as exit liquidity by promoting tokens — including HYPE, ZEC, NEAR, and WLD — and then exiting those positions within days; Hayes denied the characterization but the controversy attracted sustained industry scrutiny.","timeline":[{"date":"2014-01-01","event":"Arthur Hayes co-founds BitMEX with Benjamin Delo and Samuel Reed in Hong Kong.","source":"Wikipedia / 99Bitcoins","source_url":"https://en.wikipedia.org/wiki/Arthur_Hayes_(banker)"},{"date":"2015-09-01","event":"DOJ later alleges that Hayes and co-founders knew by at least this date that serving U.S. customers required a compliant AML program, which they did not implement.","source":"DOJ SDNY Indictment Press Release","source_url":"https://www.justice.gov/usao-sdny/pr/founders-and-executives-shore-cryptocurrency-derivatives-exchange-charged-violation"},{"date":"2016-01-01","event":"BitMEX launches perpetual futures contracts, which become its most widely traded product.","source":"Wikipedia — BitMEX","source_url":"https://en.wikipedia.org/wiki/BitMEX"},{"date":"2020-10-01","event":"DOJ SDNY unseals indictment against Hayes, Delo, Reed, and Dwyer for BSA violations. CFTC concurrently files civil complaint. Hayes steps down as BitMEX CEO.","source":"DOJ SDNY / CFTC Press Releases","source_url":"https://www.justice.gov/usao-sdny/pr/founders-and-executives-shore-cryptocurrency-derivatives-exchange-charged-violation"},{"date":"2021-04-01","event":"Hayes surrenders to U.S. authorities in Hawaii.","source":"Wikipedia — Arthur Hayes","source_url":"https://en.wikipedia.org/wiki/Arthur_Hayes_(banker)"},{"date":"2021-08-10","event":"Federal court orders BitMEX entities to pay $100 million in CFTC/FinCEN civil monetary penalties.","source":"CFTC Press Release No. 8412-21","source_url":"https://www.cftc.gov/PressRoom/PressReleases/8412-21"},{"date":"2022-02-24","event":"Hayes pleads guilty to one count of willfully failing to establish and maintain an AML program under the Bank Secrecy Act.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2022/02/24/bitmex-founders-arthur-hayes-ben-delo-plead-guilty-to-violating-us-law"},{"date":"2022-05-20","event":"Hayes sentenced by SDNY to 2 years probation, 6 months home confinement, and a $10 million fine.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2022/05/20/former-bitmex-ceo-arthur-hayes-sentenced-to-2-years-probation"},{"date":"2022-08-10","event":"CFTC court order requires Hayes, Delo, and Reed to each pay $10 million in civil penalties ($30 million total).","source":"CFTC Press Release No. 8522-22","source_url":"https://www.cftc.gov/PressRoom/PressReleases/8522-22"},{"date":"2023-01-01","event":"Maelstrom family office and investment fund founded; Hayes assumes CIO role.","source":"Tracxn / Maelstrom official","source_url":"https://maelstrom.fund/about/"},{"date":"2025-03-28","event":"President Trump grants full and unconditional pardons to Hayes, Delo, Reed, Dwyer, and HDR Global Trading, extinguishing the BSA convictions.","source":"CoinDesk / Bloomberg / CNBC","source_url":"https://www.coindesk.com/policy/2025/03/28/president-trump-pardons-arthur-hayes-2-other-bitmex-co-founders-cnbc"},{"date":"2025-10-17","event":"Maelstrom announces Maelstrom Equity Fund I, targeting $250 million for a private equity vehicle focused on crypto infrastructure acquisitions.","source":"CoinDesk / Bloomberg","source_url":"https://www.coindesk.com/business/2025/10/17/arthur-hayes-maelstrom-seeks-usd250m-private-equity-fund-to-acquire-crypto-service-firms-bloomberg"},{"date":"2026-01-06","event":"Maelstrom enters 2026 with 'almost maximum risk' exposure, disclosing holdings in ZEC, HYPE, PENDLE, and DeFi tokens.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2026/01/06/arthur-hayes-maelstrom-enters-2026-at-almost-maximum-risk-betting-on-altcoins"},{"date":"2026-03-13","event":"Hayes publishes essay 'Valhalla' establishing a $150 price target for HYPE by August 2026 and disclosing Maelstrom's aggressive HYPE accumulation.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2026/03/13/arthur-hayes-says-hyperliquid-s-hype-token-could-reach-usd150-by-2026"},{"date":"2026-05-22","event":"Hayes labels HYPE, ZEC, and NEAR the portfolio's 'holy trinity' in a public post on X; all three tokens rally materially.","source":"Blockhead / CCN","source_url":"https://www.blockhead.co/2026/05/25/near-protocol-rallies-as-arthur-hayes-declares-it-part-of-cryptos-holy-trinity/"},{"date":"2026-06-03","event":"Maelstrom publishes investor note pitching Worldcoin (WLD) as an 'overlooked' liquid AI IPO play with a $5 August price target. WLD begins rising from approximately $0.33.","source":"The Defiant","source_url":"https://thedefiant.io/news/people/arthur-hayes-dumps-worldcoin-days-after-maelstrom-pitched-ai-ipo-trade"},{"date":"2026-06-04","event":"Hayes announces via X that he has exited his entire HYPE and NEAR positions, citing macro concerns. HYPE was trading near $67, well below his $150 target. HYPE drops approximately 10%.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2026/06/04/hyperliquid-pulls-back-from-record-highs-as-arthur-hayes-exits-position-shy-of-usd150-price-target"},{"date":"2026-06-05","event":"Hayes discloses selling entire ZEC position following Orchard Pool vulnerability disclosure. ZEC falls approximately 30–50% in 48 hours. WLD peaks above $0.62.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2026/06/05/arthur-hayes-dumps-zcash-holdings-after-orchard-pool-vulnerability-revealed"},{"date":"2026-06-06","event":"Hayes announces WLD exit. ZachXBT posts public accusation on X alleging Hayes used followers as exit liquidity across all four tokens (HYPE, ZEC, NEAR, WLD) over 15 days. Hayes denies the characterization.","source":"Bitcoin.com News / CoinCentral","source_url":"https://news.bitcoin.com/zachxbt-arthur-hayes-exit-liquidity-wld/"}]},"v":1}