IMX token tumbles as GameStop dumps $42 million from Immutable X grant

GameStop has bought virtually 15 million IMX tokens at the moment value $42 million shortly after receiving a $100 million grant from Immutable X.

This motion has coincided with a major dip within the worth of IMX, with the token sliding as a lot as 30% from a two-week excessive of $4.13 to a low of $2.80. Per CoinGecko, the token is buying and selling arms at $2.97 as of press time. 

GameStop lately acquired a $100 million grant from the Ethereum Layer 2 community as a part of a partnership to construct an NFT market. This grant, denominated in IMX to the tune of 56,209,850 IMX tokens was to be delivered throughout 5 installments.

According to Etherscan data, GameStop has acquired the primary two milestone funds of 28,104,925 and 9,368,608 IMX tokens respectively. The online game retailer has, nevertheless, liquidated a complete of 14,989,293 IMX tokens at the moment value roughly $42 million.

A take a look at GameStop’s pockets on Etherscan exhibits three transactions the place IMX tokens moved from the corporate’s contract tackle to wallets related to Binance, OKX, and Huobi, all of that are crypto exchanges.

This shouldn’t be the primary case of a crypto-related grant being spent instantly dumped. An identical scenario occurred with Uniswap’s DeFi training fund in July 2021 when Harvard Law’s Blockchain and Fintech Initiative bought half of the $20 million grant it acquired.

According to the milestone schedule said within the grant doc, GameStop will obtain 18,736,671 IMX tokens in three future installments.

Neither GameStop nor Immutable X has responded to The Block’s request for feedback as of the time of writing.

Hat tip Polarply/Twitter

Editor’s Note: Corrects OKex to OKX.