Former BitMex CEO Arthur Hayes Calls His Maelstrom Capital a ‘Very Patient’ Fund

“At the time, no one cared about them due to the negativity around [initial coin offerings] and the massive bear market,” Hayes said. “This led to a surge of projects claiming to be the next Uniswap ( $8.76 ) , Compound,or Aave, but many were based on something less substantial. Investors were willing to put money into these projects, knowing they could exit in a few months after getting their tokens,” Hayes added.