BitMEX Co-Founder Arthur Hayes Transfers 18.1 Million LooksRare Tokens to OKX
Date: 2023-12-22 Author: Dima Zakharov Categories: BLOCKCHAIN, BUSINESS
Arthur Hayes Moves 18.1 Million LooksRare Tokens to OKX
BitMEX co-founder Arthur Hayes has raised eyebrows in the cryptocurrency community with his recent transfer of 18.1 million LooksRare (LOOKS) tokens to the OKX exchange. The total value of this transfer amounts to $1.63 million, making it one of the most talked-about developments in the cryptocurrency world.
A History of Significant Holdings
Hayes had previously made significant investments in LOOKS tokens, amassing 15.5 million of them with a total value of $4.5 million through purchases on Uniswap and FTX between June 3rd and November 3rd, 2022. In February of the previous year, Lookonchain recognized Hayes as the largest holder of individual LOOKS addresses, as he held 17 million LOOKS tokens valued at $5.14 million.
Recent Token Purchases and Potential Losses
Notably, 10.68 million LOOKS tokens were acquired for 1786 ETH between August 24th and November 3rd, 2022, at an estimated cost of $2.76 million, while the average selling price for LOOKS tokens during this period was approximately $0.258. Hayes' average purchase price for LOOKS tokens during this period was $0.29 per token. Lookonchain data suggests that selling these tokens now could result in an approximate loss of $2.87 million, representing a 64% decrease in the initial investment.
Suspicion Surrounding the Transfer
Lookonchain's suspicions regarding Arthur Hayes' intention to sell his LOOKS tokens stem from the belief that transferring assets to centralized exchanges often leads to quick sales. This move has left the cryptocurrency community speculating about the potential impact on the LooksRare token's market value and whether it might lead to a significant dump.
