Nearly 800 ether, worth about $98,500, has moved from a wallet associated with the HEX token sale and went to two leading cryptocurrency exchanges: Binance and Bitfinex.

The movements were first spotted by a Reddit user who pointed towards data on the Ethereum blockchain to back up his claims. Etherscan shows that an initial transaction of 500 ETH went to Bitfinex, while other smaller transactions seemingly went to Binance.

The user pointed out that the HEX ICO address still has over 46,000 ETH left in it to be withdrawn by whoever controls the address. The post reads:

There's still over 46,000 eth that can be withdrawn and liquidated by whoever controls this address, but Richard Heart, who created the contract says nobody needs to know who that is.

HEX is a controversial token airdropped on the Ethereum network via a Bitcoin UTXO snapshot. HEX tokens that would go to inactive addresses are distributed to users who contribute ETH to the wallet, which has so far accumulated over $5 million worth of the cryptocurrency.

The project’s founder, Richard Heart, claims investors can get return up to 369% per year depending on the HEX supply being staked. The cryptocurrency community has called out HEX for promising returns for investors, with some critics claiming it simply inflates its supply to reward holders, while those behind the ICO wallet can cash out the Ethereum received selling the token.

The Reddit poster noted, however, the ETH in the wallet may have come from Richard Heart and the team behind HEX, in a bid to make it look like there’s demand for the token. HEX itself is rather illiquid, as it’s only listed on three exchanges and its total trading volume is below $500.

Featured image via Pixabay.