Arthur Hayes Sparks Debate After $8.4M ENA Token Sale on Binance

• Hayes sold $8.4M worth of ENA on Binance shortly after endorsing Ethena on Twitter, making a $7.7M profit.  
• Ethena’s ENA token experienced a 25% surge before Hayes’ sale, followed by market volatility and growing community criticism.  
• Hayes still holds 9.96M ENA tokens, valued at $11.7M, with most staked, while his total profits have risen 78%. 

Former BitMEX CEO Arthur Hayes sold $8.4 million worth of Ethena (ENA) tokens on Binance, just hours after publicly endorsing the project. The sale, conducted at $0.7015 per token, brought Hayes a profit of $7.7 million. He had acquired 16.79 million ENA tokens between November 26 and 28 at an average price of $0.67 per token. Hayes’ sudden transaction coincided with a 25% weekly surge in ENA’s value, which reached its peak on December 21. 

Following the sale, Hayes retained 9.96 million ENA tokens, valued at $11.7 million. Of this, 7.94 million tokens remain staked, continuing to generate returns for the former CEO. Hayes’ total profits from his ENA holdings have risen to $8.71 million, representing a 78% gain. However, his large-scale sell-off triggered notable price volatility, attracting scrutiny from the crypto community. 

Ethena’s Growing Popularity and ENA Price Fluctuations 

Hayes’ Trading History along with BitMEX Controversies

Arthur Hayes has recorded himself as a trader in the crypto market, but his career includes problems with the law and accusations of business misconduct. Hayes was the co-founder and the former CEO of BitMEX. He was accused of operating the so-called “Insider Trading Desk” and manipulating index prices on low-liquidity trading platforms. Hence, these actions reportedly allowed the firm’s employees to benefit from violations of customer privacy.