BitMEX Founder Arthur Hayes Lost Five Million Dollars on Altcoins: Sold Three Altcoins, Bought Three New Altcoins

BitMEX founder and former CEO Arthur Hayes has been making significant transactions in the altcoin market lately. Hayes, a well-known name in the cryptocurrency world, lost more than $ 5 million in total by selling ENS, FXS and LOOKS through Wintermute. The loss on each token exceeded 50%.

Hayes previously announced on December 22 that he planned to sell SOL and buy ETH. He implemented this plan over the last few days and cut his losses by selling ENS, FXS and LOOKS through Wintermute and then buying ETH, GMX and PENDLE.

The transactions took place as follows:

Sold:

• 239,628 ENS ($2.14 million) with a loss of $2.18 million (-50%)
• 105,814 FXS ($0.95 million) for a loss of $1.05 million (-52%)
• $18.1 million ($1.59 million) with a loss of $2.47 million (-60%)

Received:

• 437 ETH ($1 million) at $2,286
• 21,040 GMX ($1 million) at $47
• 500 thousand PENDLE ($0.54 million) at $1.09

Hayes is currently the largest GMX holder with 233,000 GMX worth $12 million.

By selling the tokens he lost and then purchasing ETH and L2 DeFi tokens, Hayes appears to be confident in ETH and the upcoming Cancun update market.

The transactions were made through three addresses known to be associated with Arthur Hayes.

*This is not investment advice.