BitMEX founder Arthur Hayes reportedly sent more than $1 million worth of the decentralized exchange (DEX) altcoin GMX (GMX) to a centralized exchange.
Pseudonym: On-chain analyst EmberCN says Hayes has 79,700 followers on social media platform X, where he has managed the largest private address of a GMX holder since 2022.
On Sunday, the BitMEX founder transferred all of his 237,000 GMX (worth $9.78 million) to a newly created address. According to EmberCN, the address then sent 41,000 GMX worth $1.68 million to centralized cryptocurrency exchanges Binance, OKX, and Bybit.
The analyst also says the newly created address likely belongs to Wintermute, an algorithmic digital asset trading company.
“This newly created address should belong to Wintermute since we received gas from Wintermute. (Hayes’) GMX would have been consigned to Wintermute for sale or OTC (over-the-counter) (trading).”
Cryptocurrency analytics firm Arkham confirmed Hayes’ sudden transfer of GMX tokens.
According to EmberCN, Hayes held GMX at an average of $45 per token. The 225th-largest cryptocurrency asset by market capitalization is trading at $41.54 at the time of this writing, down more than 54% from its all-time high of $91.07 set almost a year ago, according to CoinGecko.
According to the project website, GMX specializes in perpetual futures and aims to provide low swap fees and low price impact trading. GMX tokens are used for staking and governance.
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