A wallet suspected to be linked to Multicoin Capital exchanged a large amount of ETH for HYPE tokens.

PANews reported on February 5th that, according to MLM observations, wallets suspected to be associated with Multicoin Capital have recently transferred a large amount of Ethereum to HYPE tokens. Starting January 22nd, these wallets transferred 87,100 ETH (approximately $220 million) to a Galaxy Digital deposit address linked to Multicoin. On January 23rd, one day after the initial deposit, Multicoin-affiliated wallets began receiving HYPE tokens from Galaxy.

On January 26, Multicoin received its first large inflow of 465,000 HYPE (approximately $16 million), followed by another 990,000 HYPE (approximately $30.6 million) over the next five days. No other large on-chain transfers have been detected yet, but more may occur in the coming days. This suggests that Multicoin may be holding a significant amount of ETH, but further confirmation is needed.

Previously, it was reported that Multicoin co-founder Kyle Samani has moved to an advisory role, focusing on emerging technologies such as AI and robotics .