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BitMEX co-founder Arthur Hayes announced that he will lead Flop Labs and updated his X profile to identify himself as the company’s CEO. Flop Labs is developing a network in which AI agents will be able to pay for computing power and other services.
Hayes told Cointelegraph that Flop plans to conduct a “massive airdrop” in the fourth quarter of 2026. The network’s genesis block is expected to launch in early 2027. The project team plans to disclose further details at a later date.
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Flop Labs describes itself as a “proof-of-useful-inference protocol founded by Arthur Hayes.” Within the network, AI agents will use the native Flop (FLOP) token to pay for inference and decentralized memory services.
What Arthur Hayes is known for
Arthur Hayes is the co-founder and former CEO of cryptocurrency derivatives exchange BitMEX, which was launched in 2014. Before entering the crypto industry, he worked as a derivatives trader at Deutsche Bank and Citigroup. Hayes is considered one of the most prominent figures in the crypto derivatives market; Maelstrom also describes him as the inventor of the perpetual swap, which has become one of the key trading instruments in the crypto market.
After stepping down as BitMEX CEO, Hayes focused on investing and crypto market analysis. He is the co-founder and chief investment officer of Maelstrom, where he is responsible for the fund’s strategic direction, and he regularly publishes commentary on Bitcoin, liquidity, monetary policy and global markets.
Hayes is also known for his legal case with U.S. authorities. In 2022, he pleaded guilty to violating the Bank Secrecy Act over BitMEX’s failure to maintain an adequate AML program and was sentenced to two years of probation, including six months of home confinement. In March 2025, President Donald Trump granted him a full and unconditional pardon.
As a reminder, former BitMEX clients have accused Arthur Hayes and the exchange’s co-founders of fraud.
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