President Trump Pardons Arthur Hayes and Other BitMEX Founders

Source Beincrypto

President Trump just issued a pardon for BitMEX’s three founders, who pled guilty to money laundering charges in 2022. Unlike the case of Ross Ulbricht, there was no popular movement for these pardons, sparking community confusion.

Since the pardons went out, Sam Bankman-Fried’s Polymarket odds of receiving a pardon have skyrocketed. However, this has also created a sense of unease, especially with the rampant scams and frauds in crypto today.

Trump Issues BitMEX Pardons

BitMEX is a centralized exchange with a long history in the crypto space, but it has faced its share of controversies. In 2020, it was sued in the US for alleged money laundering.

Its founders, Arthur Hayes, Benjamin Delo, and Samuel Reed, pled guilty to violating the Bank Secrecy Act, but President Trump just pardoned all three in a shocking move.

Trump did little to publicize these pardons, as neither he nor any of the recipients have yet made a public statement regarding the move. These men only faced fines, probation, and house arrest, and all were completely free at the time. Arthur Hayes remains an influential commentator, but he has no further involvement with BitMEX.

To call this move unexpected would be an understatement. Trump has given other crypto-related pardons, like with Ross Ulbricht, to be fair.

However, Ulbricht’s case was a cause célèbre in the community. There were no corresponding vocal calls to issue BitMEX pardons, especially considering the founders’ light sentences.

In short, most of the crypto space’s reactions have been negative. At the time, even government crypto allies like “Crypto Mom” Hester Peirce supported the BitMEX arrests, and money laundering has never been popular in the space. The crypto community is struggling to find a clear motivation for Trump’s pardons other than outright corruption.

“My God, everything is for sale. I think he’ll pardon Sam Bankman-Fried,” said author Jacob Silverman.

For the last few months, FTX mastermind Sam Bankman-Fried and his family have been lobbying President Trump for a pardon. The community mostly considered this possibility a long shot, especially because Bankman-Fried directly opposed Trump in the 2020 election. Since the BitMEX pardons, Bankman-Fried’s Polymarket odds have shot up:

Sam Bankman-Fried Pardon OddsSam Bankman-Fried Pardon Odds. Source: Polymarket

In short, it doesn’t even look like this will be bullish for the markets. The crypto industry is in an unprecedented wave of scams, and some commentators worry that it could damage industry confidence. If Trump continues issuing pardons without a clear reason, it may embolden bad actors.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
EUR/USD holds onto gains as Trump assaults Fed’s autonomyEUR/USD trades firmly around 1.1500 during European trading hours on Tuesday. The major currency pair is taking a sigh of relief after a strong rally in the last few weeks.
Author  FXStreet
Apr 22, Tue
EUR/USD trades firmly around 1.1500 during European trading hours on Tuesday. The major currency pair is taking a sigh of relief after a strong rally in the last few weeks.
placeholder
Gold price shows signs of bullish exhaustion amid positive turnaround in risk sentimentGold price (XAU/USD) attracted dip-buyers in Asia on Wednesday, stalling its retreat from the $3,500 peak hit the day before.
Author  FXStreet
20 hours ago
Gold price (XAU/USD) attracted dip-buyers in Asia on Wednesday, stalling its retreat from the $3,500 peak hit the day before.
placeholder
Gold price falls further as Trump softens tone on PowellGold price (XAU/USD) is facing profit-taking pressure and nosedives on Wednesday towards $3,300 at the time of writing. The profit taking picked up on comments from United States (US) President Donald Trump, who did a 180-degree turn on his stance on China and the Federal Reserve (Fed).
Author  FXStreet
18 hours ago
Gold price (XAU/USD) is facing profit-taking pressure and nosedives on Wednesday towards $3,300 at the time of writing. The profit taking picked up on comments from United States (US) President Donald Trump, who did a 180-degree turn on his stance on China and the Federal Reserve (Fed).
placeholder
EUR/USD retraces on ebbing concerns over Fed’s autonomy, global trade warEUR/USD trades broadly stable on Wednesday after dipping well below 1.1400 earlier in the European trading hours. The major currency pair is off from its over three-year high of 1.1575 as the US Dollar (USD) bounces back.
Author  FXStreet
18 hours ago
EUR/USD trades broadly stable on Wednesday after dipping well below 1.1400 earlier in the European trading hours. The major currency pair is off from its over three-year high of 1.1575 as the US Dollar (USD) bounces back.
placeholder
Trump Provides Another Boost! Tesla Shares Surge Over 5%, Leading the Seven Tech Giants!Trump has announced a partial tariff exemption for automakers. This news has lifted market optimism, resulting in a broad rally in U.S. stocks, with Tesla shining brightly. 
Author  TradingKey
1 hour ago
Trump has announced a partial tariff exemption for automakers. This news has lifted market optimism, resulting in a broad rally in U.S. stocks, with Tesla shining brightly. 
goTop
quote