Arthur Hayes, the founder of the well-known cryptocurrency platform BitMEX, recently encountered setbacks in trading. Recent reports revealed that Hayes sold ENS, FXS, and LOOKS tokens using the Wintermute Trading service.

As a result of these transactions, Hayes incurred losses exceeding $5 million from his initial investments in these cryptocurrencies. The sold assets were converted into ETH, GMX, and PENDLE, making Hayes one of the largest holders of GMX tokens, with a total of 233,000 tokens valued at approximately $12 million.

Hayes is known as one of the founders and former head of BitMEX, a platform established in 2014 that became popular for trading cryptocurrency derivatives. Before founding BitMEX, he worked in major investment banks, including Deutsche Bank and Citigroup. In 2020, Hayes and other BitMEX executives were charged with violating U.S. law, leading to his departure as CEO.

Wintermute Trading, the platform through which Hayes conducted his transactions, is a well-known trading service and liquidity provider in the cryptocurrency sector, founded in 2017 in London. The company specializes in creating market conditions and providing liquidity for traders and institutional clients, using its own technological infrastructure and algorithmic trading strategies for effective risk management.