A restraining order has been issued by a court in Singapore against one of the co-founders of the BitMEX trading platform, Arthur Hayes, due to his repeated targeted posts on Twitter. Su Zhu, co-founder of the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC), acquired the order.
At the center of the dispute is $6 million that Hayes believes he’s entitled to following the collapse of 3AC a year ago. The fund’s failure came after the Terra UST debacle. In a series of tweets, Hayes has been seeking answers from Zhu and co-founder Kyle Davies.
The restraining order, issued by Judge Sandra Looi Ai Lin of the Harassment Court, prohibits Hayes from establishing any contact with Zhu through any means and from releasing “any identity information.” Interestingly, the injunction allows for the ruling to be delivered to Hayes through his Twitter account.
Hayes has openly criticized 3AC’s debacle on various occasions and even mocked the co-founders’ future endeavors. In one tweet from May 2nd, Hayes addressed the $6 million issue directly, but the tweet went unacknowledged.
According to court documents, 3AC is responsible for paying individual claimants in excess of one billion dollars. While Zhu and Davies have moved on to develop OPNX, a platform enabling investors to trade bankruptcy claims for defunct businesses such as FTX, Celsius, BlockFi, etc., Hayes has established his own crypto fund called Maelstrom.
The situation raises questions about the role of social media in the crypto industry and whether public figures should be held accountable for their online behavior. On one hand, Hayes’ insistence on calling out the co-founders of 3AC and the missing funds could be seen as a valiant attempt to bring justice to light. However, it might also be perceived as harassment, especially since it led to a restraining order being issued against him.
Furthermore, the legal action against Hayes may set a precedent for future cases involving social media disputes between crypto industry players. As the market continues to evolve and mature, regulations will likely expand to govern personal communication and social media usage among members of the rapidly developing crypto space.
In conclusion, the case of Arthur Hayes highlights the balancing act between communication and regulation in the fast-changing world of cryptocurrency. With billions of dollars at stake in the industry, it becomes increasingly important to establish a code of conduct that industry players can adhere to, ensuring that personal disputes do not negatively impact the market and the faith of the wider community.
Source: Coingape
