Arthur Hayes: The Encryption Legend from BitMEX to Ethena

Arthur Hayes, born in 1985 in Detroit, USA, is an important figure in the cryptocurrency field. His life trajectory spans from Detroit to Hong Kong and then to Singapore, witnessing several significant cycles in the cryptocurrency industry.

Hayes grew up in an affluent environment and attended a prestigious private school before entering the Wharton School of the University of Pennsylvania. During his college years, he exhibited extraordinary ambition, often envisioning his future in the early mornings. After graduation, he chose an unconventional path—heading to Hong Kong for development.

In 2008, Hayes joined the trading department of Deutsche Bank, beginning his derivatives trading career. Three years later, he moved to Citibank, continuing his work in derivatives trading. This experience laid the foundation for his later development in the encryption currency field.

In 2013, the Eurozone debt crisis worsened, and Hayes lost his job. However, the crisis also brought opportunities, as he discovered arbitrage opportunities in the encryption currency market. This experience sparked his interest in the encryption currency derivatives market.

In 2014, 28-year-old Hayes co-founded the BitMEX exchange with his partners. BitMEX focuses on cryptocurrency derivatives trading and quickly achieved great success. Hayes and his team innovatively developed perpetual contract products, which later became mainstream in the cryptocurrency derivatives market.

BitMEX has also led the industry in increasing trading leverage, raising the leverage ratio to 100x. These innovations made BitMEX a leader in cryptocurrency derivatives trading from 2016 to 2019.

However, Hayes's high-profile style eventually attracted the attention of regulators. In 2020, he resigned as CEO of BitMEX and subsequently paid fines and accepted house arrest for violating anti-money laundering regulations.

Despite experiencing setbacks, Hayes did not stop his progress. In 2023, he co-founded the Ethena project, which is an innovative stablecoin project. Ethena attempts to combine the advantages of centralized exchanges to create a new type of algorithmic stablecoin.

The story of Arthur Hayes highlights the rapid development and changes in the cryptocurrency industry. From the glory of BitMEX to the innovation of Ethena, Hayes has always been at the forefront of the industry. His experiences not only reflect personal growth but also mirror the evolution of the entire encryption industry.