- Arthur Hayes urged the traders to withdraw all of their money from the broker, to stop trading, stop paying the system that traders believe, and treat them like a second-class citizen
- He took to Crypto Twitter almost after September for the first time and was appreciated by many of his knowns from the crypto sector
Why Arthur Hayes Urges To Withdraw From Brokers?
Arthur Hayes, a former BitMex CEO and Co-founder, have asked the traders to leave the brokers and the financial systems and opt for Crypto Capital Market. Since last week, Hayes was underground, but he took to Twitter to mark his return to the world.
He took to Twitter to announce his return to the world. He has come out of exile almost after a year and written a post on the derivatives exchange’s official blog to call off the legacy platforms following the GameStop Drama.
In his lengthy post, he said that the incident where trading on Robinhood was stopped after retail traders forced a short-squeeze caused hedge funds to suffer billions in losses. This shows that markets are stacked against retail traders.
He believed that the game masterminds did not like how the game was played, so they froze the margins to force a course correction. He urged the retail traders to opt-out of the financial system and dived into the crypto capital market.
He urged the traders to withdraw all of their money from the broker, not to do trading, do not pay to the system that treats traders like second-class citizen. That is opting out, and it is extremely good, powerful and liberating.
Arthur Hayes Ending The Exile
The post was quite bold and a long one which was posted after months of silence from Hayes. He went underground in 2020 when the US Justice Department and the Commodity Futures Trading Commission charged BitMex executives for violating federal anti-money laundering and know-your-customer obligations. The company was also charged for operating on an unregistered trading platform.
His whereabouts are still unknown, and the post also did not identify his location. He did not even address any of the accusations levied on BitMex. But he has had permission from BitMex to post on the official blog. He will be posting every fortnightly via the blog.
He took to Crypto Twitter almost after September for the first time and was appreciated by many of his acquaintances from the crypto sector. Charlie Shrem, BitInstant Founder, Dan Held, Kraken’s Growth lead, Su Zhu, CEO, Three Arrows Capital, and Adam Back, Blockstream co-founder and CEO.
However, he was not welcomed warmly by everyone. There were few, like Twitter user Lord Ashdrake who gave a harsh and obnoxious reply on his tweet saying, “bro, shouldn’t you be in jail or something?”
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.