PANews reported on June 8 that, according to Cryptopolitan, blockchain investigator ZachXBT accused BitMEX co-founder Arthur Hayes of liquidating his holdings in four previously publicly favored crypto tokens within two weeks, questioning how much "exit liquidity" his followers absorbed.

Hayes' exit strategy unfolded as follows: On May 22, he referred to HYPE, ZEC, and NEAR as a "divine trinity" and established a long position; on June 4, he liquidated his positions in HYPE and NEAR, stating he would release a "Reality Test" to explain his reasons; on June 5, he sold ZEC, arguing that the privacy narrative in the context of AI, government, and large tech companies demands perfection, and that the Orchard pool vulnerability undermines this premise, and that it cannot be cryptographically proven that the vulnerability was absolutely unexploited; on June 6, he sold WLD, stating that "this chart pattern is wrong." Hayes responded to ZachXBT, claiming he sold to those willing to buy at the right price. His promised explanatory article, "Reality Test," has yet to be released.