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According to a PeckShield report, an address associated with Arthur Hayes, the former CEO of BitMEX, has bridged 137 ETH from Arbitrum and swapped them for 223,000 USDT, which is equivalent to around $1,632 per ETH. The same address then transferred 311,000 USDT to Binance within the last five hours.
This move from Hayes comes after he recently sold his BLUR holdings, which he had been promoting on Twitter. While it is unclear why Hayes made the move, the removal of funds from the Arbitrum network could be seen as a sign for all L2 investors.
#PeckShieldAlert Arthur Hayes-labeled address bridged 137 $ETH from #Arbitrum and swapped them for 223.6k $USDT (~$1,632/$ETH) and transferred ~311k $USDT to Binance within the last 5 hourshttps://t.co/pdtk3iPVpX pic.twitter.com/OgjD3rRcmG
— PeckShieldAlert (@PeckShieldAlert) February 28, 2023
The total value locked (TVL) in the Arbitrum network has been on the rise recently, which might indicate that Hayes' move has nothing to do with the general performance of the L2. However, the fact that he has moved such a large amount of funds out of the network could still raise some concerns.
It is worth noting that the Arbitrum network has been gaining traction in recent months as more investors are looking for alternative Layer 2 solutions to Ethereum's high gas fees. Arbitrum is designed to enable fast and low-cost transactions on the Ethereum network, making it an attractive option for those looking to avoid high transaction fees.
While it is unclear what Hayes' intentions are with these moves, it is clear that he remains a prominent figure in the crypto space. Hayes stepped down as CEO of BitMEX in 2020 after he was charged with violating U.S. anti-money laundering regulations.
Hayes' move to transfer funds from the Arbitrum network could be a sign for all L2 investors to reevaluate their positions. It is unclear what his intentions are, but the move could indicate that he sees potential risks or opportunities on the market.