Former BitMEX CEO Arthur Hayes Loses $5.7 Million in Cryptocurrency Investments
Date: 2024-01-01 Author: Dima Zakharov Categories: BUSINESS
In a surprising turn of events, Arthur Hayes, the former CEO of BitMEX, has experienced a significant setback in his cryptocurrency investments, resulting in a loss of over $5.7 million. Hayes ventured into the world of digital assets with investments in Ethereum Name Service (ENS), Frax Share (FXS), and LooksRare (LOOKS), all of which witnessed a steep decline in value, plummeting by 50-60% since their purchase. Concerned about the escalating losses, Hayes decided to divest himself of these coins, incurring substantial losses in the process.
The decision to sell ENS and LOOKS appears rational, given the likelihood of further depreciation based on their price trends. However, the FXS market displayed a bullish trend that emerged in October, suggesting that Hayes might have benefited from waiting and giving this token a chance to rebound.
On the positive side, Arthur Hayes reinvested the proceeds into Ethereum (ETH), GMX (GMX), and Pendle (PENDLE), totaling $2.5 million. His investments in GMX have already yielded an unrealized profit of 19%, while the returns from Pendle investments stand at 9%. Additionally, Hayes has emerged as a major player in the GMX market, holding coins worth $12 million, equivalent to 2.2% of the market capitalization. Hayes' ability to adapt and reinvest demonstrates his resilience in the volatile world of cryptocurrency.
