Leading Black crypto entrepreneur and youngest Black business billionaire in history
Arthur Hayes grew up in Buffalo playing tennis and eventually headed to Wharton. After college, he worked as a trader overseas and when he was unexpectedly laid off, began dabbling more in bitcoin trading. He eventually set up an exchange for others to trade bitcoin before that was common – he called it BitMex. It was the first successful exchange, preceding FTX, CoinBase and Binance.
Seemingly out of the blue, Hayes was indicted in 2020 and ultimately struck a deal to avoid any real jail time. He clearly was targeted early as New York Magazine pointed out: “Is it a coincidence that the only Black entrepreneur at the top of the crypto game was nailed for doing things that were not particularly unusual among his peers.”
The Rise and Fall of Bitcoin Billionaire Arthur Hayes
The BitMEX cofounder created a cryptocurrency exchange that has traded trillions. Now he’s wanted by U.S. authorities, and insiders wonder whether he and his partners are villains—or victims of a two-tiered justice system that favors big banks over brash outsiders.
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