- 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
Ethena’s ENA token has experienced significant market activity in recent weeks. This has been driven by increased adoption and speculation around its synthetic dollar, USDe. The USDe has been a central feature of Ethena’s platform, offering a weekly yield of 67% for stakes. This high-yield performance has drawn comparisons with traditional stablecoins like Tether, positioning Ethena as a notable player in the decentralized finance (DeFi) sector.
Hayes’ endorsement of Ethena Labs on Twitter further amplified interest in the platform. In his post, he highlighted the utility of USDe for DeFi protocols, lending credibility to the project. However, the controversy arose when he flexibly liquidated the company’s share in ENA. For which he has been accused of market manipulation and inside trading. Hayes’ comments on the platform have attracted attention with some users focusing on ethical practices in the crypto sector.
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.
Besides the civil suits, BitMEX was charged by the U.S. Commodity Futures Trading Commission (CFTC) and the Department of Justice (DoJ). Concerning the unlawful violation of the Bank Secrecy Act and inadequate measures of the AML policy. Hayes and his co-founders continue with legal woes. However U.S. court has recently refused to dismiss the class-action lawsuit that housed accusations of price manipulation and insider trading.
The post Arthur Hayes Sparks Debate After $8.4M ENA Token Sale on Binance appeared first on Crypto News Land.
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