Worldcoin (WLD) saw a dramatic 20% decline after Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom, sold the firm's entire stake in the token on June 6, 2026. This move came less than a day after he had publicly stated that Maelstrom would retain its holdings in Worldcoin. Hayes attributed his decision to a significant drop in pre-listing prices for SpaceX shares, which are expected to begin trading on June 12, 2026. The decline in SpaceX's pre-listing valuation, which has fallen over 50% recently, led Hayes to reconsider the viability of Worldcoin as a proxy for AI investments. Following Hayes' announcement, Worldcoin's price dropped about 10%, contributing to a broader downturn in the cryptocurrency market. Previously, Hayes had also sold all of Maelstrom's Zcash holdings, citing concerns over its privacy features. Despite a recent surge in Worldcoin's value, its gains have been trimmed significantly, reflecting the volatility of the crypto market.