Hayes' SYN Bet Goes Sour: AI Crypto Loses 55% After Bullish Endorsement

Arthur Hayes' portfolio has been under scrutiny again after his endorsement of AI Crypto SYN led to its price plummeting by over 55%. As of July 15th, SYN was trading at $0.26, which puts the estimated value of its holdings at around $1.6 million, leaving the position about 27% underwater.

Hayes backed SYN to gain exposure to Hypercall, an options exchange developed by the Synapse team for the Hyperliquid ecosystem. However, his precise return may differ due to the transaction occurring over-the-counter and unclear subsequent wallet activity.

This is not the first time Hayes has faced criticism for promoting tokens before exiting them. Earlier this year, he sold his entire position in Hyperliquid (HYPE) and NEAR Protocol (NEAR) shortly after issuing bullish forecasts, including a $150 target for HYPE.