Arthur Hayes Suspected of "Front-Running" as ETHFI Surges After Upbit Listing

Former BitMEX CEO Arthur Hayes attracts attention by purchasing 132,000 ETHFI tokens at $0.55 from Anchorage Digital, just before Upbit listed this token on the KRW trading pair. The timing of the transaction raised suspicions of insider knowledge, as listings on Upbit often lead to significant price movements, similar to Internet Computer which surged over 16% last week.

Following the announcement, ETHFI increased by about 18%, from $0.54 to $0.64 within a few minutes, but quickly lost almost all of the gains as the market corrected. Despite community doubts, Hayes’s transaction size this time remains small compared to his previous $2.15 million sale, where the ETHFI purchase was only around $72,800.