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A wallet suspected to be associated with Multicoin Capital has exchanged a large amount of ETH for HYPE tokens.
PANews February 5 News, according to MLM observations, wallets suspected to be associated with Multicoin Capital have recently transferred a large amount of Ethereum into HYPE tokens. Since January 22, these wallets have transferred 87,100 ETH (approximately $220 million) to Galaxy Digital deposit addresses related to Multicoin. On January 23, one day after the first deposit, the Multicoin-related wallet began receiving HYPE tokens from Galaxy.
On January 26, Multicoin received 465,000 HYPE (about $16 million) for the first time, followed by approximately 990,000 HYPE (about $30.6 million) over the next five days. No other large on-chain transfers have been detected so far, but more transfers may occur in the coming days. This suggests that Multicoin may hold a significant amount of ETH, but the exact situation still needs further confirmation.
Previously, it was reported that Multicoin co-founder Kyle Samani has been appointed as an advisor, focusing on emerging technologies such as AI and robotics.