ETHFI Jumps on Upbit Listing as Arthur Hayes Faces Insider-Knowledge Questions

ETHFI is the governance token of Ethereum restaking protocol ether.fi. Adding a Korean won trading pair can directly broaden participation by South Korean investors. Upbit is South Korea’s largest cryptocurrency exchange, and the impact of its listings and its market liquidity have intensified scrutiny over whether large holders received advance notice.

ETHFI rose about 15% in a short period after Upbit announced an ETHFI/KRW trading pair. On-chain data indicated that BitMEX co-founder Arthur Hayes may have bought back 130,000 ETHFI on the morning before the announcement. Reports did not disclose the exact announcement date or the value of the transaction, prompting market speculation that he may have known about the listing in advance.