BitMEX Founder To Disclose More About Family Office “Maelstrom”
Arthur Hayes, the co-founder of BitMEX, a cryptocurrency derivatives exchange, has announced that he is willing to be more public about his family office, Maelstrom. Hayes made the announcement in a LinkedIn post, saying that the head of investments at Maelstrom, Akshat Vaidya, will be seen at conferences around the world. Vaidya worked at BitMEX for three years before joining Maelstrom, first as an investment associate, then as a manager, and finally as the vice president of corporate development and strategic finance.
Arthur Hayes, one of the founders of BitMEX, a derivatives exchange, has said that he is prepared to “be more public” about his family office, which is known as Maelstrom.https://t.co/2JBfcsS5kA
— crypto.news (@itscrypto_news) March 4, 2023
Legal Battle
Hayes has been embroiled in a legal battle following allegations that BitMEX facilitated illegal activities such as money laundering and sanctions dodging. In May 2020, Hayes was sentenced to six months of home detention for his part in the matter. Along with three other BitMEX employees, Hayes was charged with one count of breaking the Bank Secrecy Act and another of conspiracy to do so. The Commodity Futures Trading Commission and the Financial Crimes Enforcement Network filed civil proceedings against the four individuals and BitMEX, resulting in monetary fines. Hayes and two other BitMEX owners were ordered to pay $10 million each, while BitMEX was fined $100 million.
Despite the legal troubles, Hayes has continued to be involved in the cryptocurrency industry. In January 2022, he participated in a seed round for Elixir, a decentralized financial system and market maker, alongside investors FalconX, Commonwealth, OP Crypto, and ChapterOne. The round raised $2.1 million.
Plea Agreement
Hayes has expressed a desire to move on from his past troubles and turn the page in court. He has entered a plea agreement with prosecutors that lowered the sentencing guidelines from a maximum of five years per offense to six and twelve months. He will serve his term in the US District Court for the Southern District of New York.
Hayes, who is a US citizen and longtime Singapore resident, turned himself in to US authorities in Hawaii in April 2021 as part of a settlement between his attorneys and federal prosecutors. His mother co-signed a $10 million bond, and he was released on it along with $1 million in cash. With the announcement of his willingness to be more public about his family office, Hayes seems to be moving forward and seeking new opportunities in the cryptocurrency industry.
