According to Coindesk, Axie Infinity, the play-to-earn crypto game, started releasing previously restricted AXS tokens to early investors and insiders as part of a massive $200 million unlocking event. Blockchain data shows that a wallet tagged as “Axie Infinity: Token Vesting” transferred some 785,334 AXS tokens ($6.6 million worth) to six recipients. The recipients were listed as Axie’s advisors and early investors in a private sale round in mid-2020, according to the site TokenUnlock.

Digital asset management firm Arca, one of the institutional investors that purchased AXS during the private sale, received $4 million in AXS (437,500 tokens) to a wallet linked to the company. Then, it deposited all the tokens crypto exchange, according to blockchain data from Etherscan and Nansen. Arca representatives didn't immediately reply to a request for comment. Another early investor claimed $1.7 million in AXS (187,500 tokens), and soon moved the tokens to crypto exchange, blockchain data shows. Transferring coins to exchanges indicate that these investors may dump their holdings, pocketing an immense profit on their original investment. Investors who participated in the private sale bought AXS at 8 cents. Given that the crypto currently trades at around $9, they may pocket a 11,150% profit on their initial stake.

Crypto investment firms DeFiance Capital and Delphi Digital can claim $1.5 million (160,000 tokens) and $6.8 million (750,000 tokens), respectively, according to TokenUnlock. Blockchain data indicates that they are yet to obtain their share of tokens.