Sarah Tran
Independent Analyst
- After six months of negotiations, the former BitMEX CEO surrenders to US authorities.
- Arthur Hayes appeared before a federal judge in Hawaii.
- The former BitMEX executive is released on a $10 million bond, awaiting future court proceedings in New York.
The former CEO of the crypto derivatives exchange BitMEX has surrendered to United States authorities in Hawaii.
Arthur Hayes released on $10M bond
Six months after federal prosecutors first charged former BitMEX CEO Arthur Hayes, the resident of Singapore has shown up in Hawaii to defend against his charges. Hayes was one of the few BitMEX executives who were charged with violating and conspiring to violate the Bank Secrecy Act by the Department of Justice and the Commodity Futures Trading Commission.
Hayes appeared in court on March 6 to fight the charges. His lawyer stated:
Arthur Hayes is a self-made entrepreneur who has been wrongly accused of crimes he did not commit. Mr. Hayes voluntarily appeared in court and looks forward to fighting these unwarranted charges.
After the US government unsealed Hayes’ indictment in October 2020, the former BitMEX CEO has been in talks with the authorities since. Hayes’ lawyers proposed his surrender in Hawaii last month, while a potential release on a $10 million bail bond was also discussed.
Pursuant to this earlier agreement, after Hayes appeared before a federal judge in Honolulu, he was released with the retention of a passport for travel between Singapore and the United States. A waiver of extradition was agreed upon by both parties.
A civil suit was filed against BitMEX and its founders on October 1, 2020, for operating an unregistered trading platform, while the company also failed to implement required anti-money-laundering procedures. The other BitMEX executives, including Ben Delo, Sam Reed, and Gregory Dwyer, were also charged.
Ben Delo has pleaded not guilty after surrendering to US authorities in New York and was released on a $20 million bail bond pending trial. Reed was arrested on the day the charges were revealed in Massachusetts. However, Dwyer still remains at large.
According to Dwyer’s lawyers, they have been in touch with the government on behalf of the defendant, informing them of his whereabouts. The lawyers added that Dwyer “has every intention to defend himself in court against these meritless charges and is eager to do so."
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