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This symbol originated in Michael Moorcock's Eternal Champion series, but rapidly outstripped its origins. Now it's best-known as the emblem of the ever-evolving tradition of chaos magick.
At its most basic, this symbol's eight arms represent motion in all direction and endless possibility. Several have elaborated on that meaning -- for instance, Peter Carroll, founder of the Illuminates of Thanateros, postulates that each arm represents a different type of chaos magick.