Maelstrom CIO and BitMEX co-founder Arthur Hayes has rejected accusations that he is using his X influence to create exit liquidity for his own trades.
The allegations came from on-chain investigator ZachXBT, who accused Hayes of promoting cryptocurrencies such as Zcash, $NEAR Protocol, and Hyperliquid before selling his holdings and leaving followers with losses.
How much exit liquidity was created from your followers over the past couple days?
First $NEAR $HYPE $ZEC
Now $WLD pic.twitter.com/vyDXwCHRwO— ZachXBT (@zachxbt) June 6, 2026
Hayes Denies Claims
In response, Hayes argued that he neither manages money for others nor provides financial advice. He stressed that he never instructs people to buy, sell, or hold any asset.
According to Hayes, his posts simply disclose his personal investment decisions. He emphasized that readers are free to agree or disagree with his views, conduct their own research, and make independent investment choices.
Furthermore, Hayes challenged critics to find any instance where he explicitly told followers what they should do with their money. Instead, he maintained that he merely shares what he is doing and leaves investment decisions entirely up to his audience.
Hayes also acknowledged that a large percentage of his market predictions—roughly 70% to 90%—turn out to be wrong. However, he argued that successful investing does not require a high win rate.
Instead, Hayes explained that he generates profits by allocating larger amounts of capital to ideas in which he has the highest conviction while limiting exposure to lower-confidence trades. As a result, his winning positions can outweigh losses from incorrect calls.
Crypto Enthusiasts React
Meanwhile, Hayes is known for publicly disclosing his trades on X, where he has amassed more than 802,000 followers. He has frequently shared his positions in tokens such as $ZEC, $HYPE, $NEAR, and $WLD.
Notably, Hayes often updates followers when he exits positions after losing confidence in a project. Critics, including ZachXBT, argue that this pattern of publicly promoting tokens and later selling them effectively turns followers into exit liquidity. Hayes, however, maintains that he is simply documenting his investment activity rather than encouraging others to copy his trades.
Given his influence in the crypto market, some interpret his remarks as indirect signals that may guide investor behavior.
Hayes Returns to Ethereum
Meanwhile, Hayes appears to be rebuilding his exposure to Ethereum after previously dumping his entire holdings. Last year, he sold nearly 1,900 $ETH to rotate capital into decentralized finance (DeFi) tokens.
However, recent on-chain data shows that Hayes has resumed accumulating Ethereum. He purchased 1,400 $ETH yesterday, bringing the wallet’s holdings to 4,400 $ETH, valued at about $7.78 million. This move suggests renewed confidence in Ethereum despite his earlier shift toward alternative crypto investments.
