On-chain investigator ZachXBT has publicly called out Arthur Hayes, co-founder of BitMEX and head of the Maelstrom fund, questioning whether he deliberately used his followers as “exit liquidity” after pumping four tokens — NEAR, HYPE, ZEC, and Worldcoin (WLD) — and quickly dumping them within a span of just 15 days.
WLD: A 48-Hour Narrative Reversal
The controversy centers on WLD. Hayes’ Maelstrom fund had earlier pitched the token as a “high-beta proxy for the AI IPO wave,” tying it to the expected Nasdaq listing of SpaceX. On June 4, Hayes posted a bullish message on X, urging holders to hang onto WLD. But just two days later, on June 6, he announced he had exited his position, saying simply: “The chart doesn’t look right.” By then, WLD had already fallen roughly 30% from its weekly peak.
ZachXBT: It’s a Pattern, Not a Mistake
ZachXBT posted screenshots of Hayes’ multiple bullish statements on WLD alongside the timing of his rapid exit, pointing out that the same “pump-then-dump” loop played out with NEAR, HYPE, and ZEC. He argued that in crypto markets, a KOL’s social influence itself acts as a market force: pumping a token while holding it can lift prices, and when the KOL exits, the counterparties are often followers convinced to buy by the very same posts. ZachXBT’s “exit liquidity” accusation directly targets this structural dynamic.
Hayes Responds: “I Just Happened to Be Right”
Hayes fired back on X, insisting he was simply “selling assets to willing buyers at market price,” a normal trading behavior. He added that if WLD had continued to rise after his sale, critics would have said he made a mistake. His closing line: “This time I just happened to be right.”
The response drew mixed reactions. Supporters argue Hayes never promised to hold long-term, and buyers are responsible for their own decisions. Critics counter that setting explicit price targets on a platform with hundreds of thousands of followers creates an implicit responsibility, and that a mere “free market” defense is insufficient.
The Broader Issue: KOL Pumping and Follower Trust
The incident reignites debate over the ethics of crypto influencer pumping. Hayes, as a high-profile figure, can move markets with a single tweet. His rapid exits have left many followers questioning whether they were used as exit liquidity. ZachXBT has a history of exposing similar behavior by other KOLs. So far, Hayes has not provided specific explanations for his exits from NEAR, HYPE, or ZEC. The story continues to develop.