$CARDS Controversy Hits Arthur Hayes Amid Fresh Exit Liquidity Allegations

Arthur Hayes, co-founder of BitMEX, is facing criticism from Crypto Twitter after allegations surfaced that his fund, Maelstrom, used 'exit liquidity' to sell $1.92 million worth of $CARDS tokens.

The controversy began when on-chain observer SolanaFloor reported that Hayes had set a $4 price target for $CARDS just days before the token's price plummeted by 23% from $0.30 to around $0.23.

Another on-chain analyst, Ericonomic, flagged the sequence of events, noting that Hayes had publicly endorsed $CARDS four days prior and then sold his entire stack through Fireblocks three days later.

This is not the first time Hayes has been accused of using 'exit liquidity' to sell tokens after promoting them. In June, blockchain investigator ZachXBT called out Hayes for similar actions involving four different tokens: HYPE, NEAR, ZEC, and WLD.