BitMEX founder Arthur Hayes has reportedly sent more than $1 million worth of the decentralized exchange (DEX) altcoin GMX (GMX) to centralized exchanges.

Pseudonymous on-chain analyst EmberCN tells their 79,700 followers on the social media platform X that Hayes had controlled the largest personal address for GMX holders since 2022.

On Sunday, the BitMEX founder transferred all his 237,000 GMX (worth $9.78 million) to a newly created address. That address subsequently sent 41,000 GMX worth $1.68 million to the centralized crypto exchanges Binance, OKX and Bybit, according to EmberCN.

The analyst also says that the newly created address likely belongs to the algorithmic digital asset trading firm Wintermute.

“This newly created address received gas from Wintermute, so it should belong to Wintermute. [Hayes’] GMX is probably entrusted to Wintermute for sale or OTC (over the counter) [trade].”

Crypto analytics firm Arkham confirms Hayes’s abrupt transfer of GMX tokens.

Hayes held the GMX at an average cost of $45 per token, according to EmberCN. The 225th-ranked crypto asset by market cap is trading at $41.54 at time of writing and is down more than 54% from its all-time high of $91.07, which it set nearly one year ago, according to CoinGecko.

GMX specializes in perpetual futures and aims to provide low swap fees and low-price impact trading, according to the project’s website. The GMX token is used for staking and governance.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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