Arthur Hayes Speaks Out, Defends Himself About The Altcoin He First Advertised And Then Dumped

BitMEX co-founder and cryptocurrency leader Arthur Hayes recently announced that his family office fund Maelstrom Fund has reduced its position in PENDLE, a token focused on crypto interest rate derivatives.

Hayes noted that Maelstrom Fund, among other funds, purchased 392,911 PENDLE tokens at an average price of $5.60 between May 20 and June 21. However, the fund recently sold 350,000 PENDLE tokens at a loss, a move that has garnered attention in the crypto community, especially considering Hayes’ strong support for the asset.

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Despite his position in the asset, Hayes noted that PENDLE remains one of the largest holdings in the Maelstrom Fund’s portfolio. He said he believes in the token’s long-term potential, saying:

“As you can see, Maelstrom Fund is reducing its PENDLE position. Even after the reduction, it is still one of our largest positions. We still fully believe that PENDLE will be a leader in crypto interest rate derivatives and we plan to profit from their success.”

The sale was reportedly made to fund a “special occasion,” but Hayes kept the details secret.

*This is not investment advice.

Continue Reading: Arthur Hayes Speaks Out, Defends Himself About The Altcoin He First Advertised And Then Dumped