Former CEO and Co-Foudner of BitMex, Arthur Hayes recently withdrew 24.39 billion $PEPE which is worth around $252,000 from Binance. However just a few hours ago Hayes tweeted about his interest in $PEPE, $MOG, and $MOTHER. Actions speak louder than words and here Arthur’s action point to a pump and dump.
Crypto enthusiasts have their eyebrows raised because of Hayes’s influence and tainted history, which increases scrutiny on most of his actions. Hayes is a former executive of one of the largest cryptocurrency exchange sites in the world and one of the biggest crypto “influencers”. His activities and tweets can send markets into a frenzy, especially in the speculative meme coin space.
Popular X account and blockchain investigator LookOnChain reported:
Arthur Hayes(@CryptoHayes) is calling for #MEMEcoins $MOTHER, $MOG and $PEPE!
On-chain data shows that he withdrew 24.39B $PEPE($252.68K) from #Binance 20 minutes ago.
Address:
0x6cd66dbdfe289ab83d7311b668ada83a12447e21 pic.twitter.com/MC9ZPF2Eg4— Lookonchain (@lookonchain) September 27, 2024
A Closer Look at the Recent Development
Hayes’ endorsement of $PEPE and subsequent withdrawal from Binance has led to increased trading activity in the token, as it always does when a popular influencer makes certain remarks. The timing of the withdrawal when combined with his public support for meme coins like $MOG and $MOTHER suggests that Hayes may be trying manipulate the markets. Meme coins, often lacking in fundamental value and are driven by hype. They are highly susceptible to price swings based on market sentiment and influential endorsements.
These actions come suspicious with Hayes taking out a massive amount of $PEPE, hinting at possible exit. Indeed, with meme coins being as volatile as they are, social miners usually use their influence to create such short-term gains in price for their own self-interest.
Arthur Hayes’ History with Market Manipulation
This is not the first time Hayes has been involved in actions perceived as market manipulation. At the recent Token2049 conference in 2024 held in Singapore, Hayes promoted Pendle. However he transferred over $1 million of the asset to Binance and ByBit shortly after the endorsement. While it remains unclear whether he sold those tokens, the timing led to widespread speculation that Hayes was attempting to influence the market. He hasn’t clarified this move publicly further increasing the speculations.
Hayes’ involvement in questionable trades dates back even further. In 2022, he pled guilty to willfully failing to prevent money laundering at BitMEX, resulting in a massive fine of $10 million. His actions still continue to draw scrutiny, especially when large-scale transactions occur soon after public endorsements.