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HYPE 
NEAR 
WLD 
ZEC 
CARDS Arthur Hayes clarifies: Flop Labs has not issued any tokens
Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, clarified to his audience on Saturday that Flop Labs has not issued any tokens, has not pre-sold, and has not launched any memin. He warned that anything currently traded under the FLOP name is not a real token.
Has FLOP tokens been traded yet?
Arthur Hayes issued a letter clarifying through his X account that Flop Labs has not issued memin or any other token. He added that once the airdrop begins "in a few months," he will announce it personally and will mark it when the main network goes online next year.
Hayes announced about four days before posting the post that he would end his retirement and serve as CEO of Flop Labs. According to Hayes, FLOP will operate as "food for AI agents." It is expected to be a native currency used by autonomous software to pay for computing power, reasoning and memory storage. Under the proposed design, miners will provide computing power to run AI tasks and earn FLOP in return through block rewards and fees. The verifier will check that the confirmation task was completed correctly and store memory for the AI agent.
Hayes said the token would provide a missing payment system in what he called a "proxy economy." He also pointed out previously that the real risk of AI lies in the debt accumulated during the construction of data centers. He estimated in June this year that about $1.5 trillion has been borrowed to fund AI infrastructure since November 2022.
Why are there doubts about Hayes 'project?
Hayes 'warning about the possible existence of fake FLOP tokens comes at a time when he is still facing questions about his trading history. In June, his family office, Maelstrom, was reportedly accused of transferring approximately $1.92 million worth of CARDS tokens to a market maker just days after Hayes publicly promoted the project. A few weeks ago, online investigator ZachXBT recorded that Hayes withdrew from these positions within two weeks of publicly supporting tokens such as HYPE, NEAR, Zcash (ZEC) and Worldcoin (WLD). Hayes responded to the allegations by saying that he "sold it to willing buyers at a fair price."
Hayes has repeatedly stated that the issuance of FLOP tokens will be "100% fair" with no pre-sales and no allocation of venture capital. However, Flop Labs has not released a white paper, token economics timetable, contract addresses, blockchain options, test networks, or anything that buyers can use to verify this claim. It is this controversial history that has brought additional scrutiny to a fair issuance proposal to channel rewards to key opinion leaders. Moreover, the order in which FLOP projects advance is quite unusual: the airdrop plan takes place before the blockchain hosting the token even exists. [TAG
When asked about the missing white paper, Hayes said the team is "still communicating with interested parties" and will gradually release infographics starting with token economics. Notably, Maelstrom has announced it will close in September this year, while BitMEX plans to close its exchange on September 23, 2026.
