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The Token2049 conference in Singapore attracted some of the biggest names in crypto, and some of them, unsurprisingly, took the opportunity to pump their own bags.
According to some attendees who watched Arthur Hayes’ speech at the conference on Wednesday, the ex-BitMEX CEO took nearly 30 minutes of stage time to promote one of his favorite crypto projects, Pendle.
On Friday, he sent over a million dollars of Pendle to his accounts at Binance and ByBit.
Because centralized exchanges like Binance and ByBit commingle customer assets together, preventing absolute confirmation of what occurred, many people interpreted the transfer as an indication that Hayes sold those tokens.
Reactions to Arthur Hayes’ Pendle trade
Reactions to the transfer were immediate. Several made reference to Hayes’ iconic, underhanded exclamation, “Yahtzee!” while another said, “They don’t even bother hiding anymore.”
Alerted to the news, Inversebrah memorialized the sale for the crypto community: “Its business.”
Other observers dug deeper into history to make fun of Hayes’ seemingly poor timing of Pendle entries and exits. According to several estimates, he has actually lost money on his multi-month trade — even after attempting to pump it at one of the world’s largest crypto conferences with 20,000 attendees.
Read more: What is @inversebrah?
Of course, these casual estimates rely on blockchain forensic companies’ labels of Hayes’ wallets and aren’t necessarily a complete or authoritative account of his holdings. It’s impossible to know whether Hayes has profited overall across all of his Pendle investments and/or allocations.
In 2022, Hayes pled guilty to willfully failing to prevent money laundering at BitMEX. He served a sentence for his crime, paid a fine of $10 million, and is now free to conduct business.
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