BTC $62,807.63 -1.99%
ETH $1,828.28 -4.07%
BNB $565.04 -2.36%
XRP $1.08 -1.72%
SOL $74.54 -1.97%
TRX $0.3221 -0.46%
DOGE $0.0716 -1.85%
ADA $0.1587 -2.33%
BCH $222.28 -0.61%
LINK $8.17 -3.33%
HYPE $59.21 -10.09%
AAVE $90.52 -3.93%
SUI $0.7317 -1.23%
XLM $0.1826 -2.10%
ZEC $531.91 -6.31%
BTC $62,807.63 -1.99%
ETH $1,828.28 -4.07%
BNB $565.04 -2.36%
XRP $1.08 -1.72%
SOL $74.54 -1.97%
TRX $0.3221 -0.46%
DOGE $0.0716 -1.85%
ADA $0.1587 -2.33%
BCH $222.28 -0.61%
LINK $8.17 -3.33%
HYPE $59.21 -10.09%
AAVE $90.52 -3.93%
SUI $0.7317 -1.23%
XLM $0.1826 -2.10%
ZEC $531.91 -6.31%

Data: Suspected Multicoin Capital is massively swapping ETH for HYPE

2026-02-05 00:57:57
Collection

According to MLM monitoring, wallets associated with Multicoin Capital are converting a large amount of ETH into HYPE:

Since January 22, the related wallets have transferred 87,100 ETH, worth approximately $220 million, to a deposit address associated with Galaxy Digital linked to Multicoin. On January 23, the day after the first transfer, a wallet associated with Multicoin began receiving HYPE from Galaxy.

Related addresses:
ETH Address: 0xfe188cA6FAf02b1Aa88d4AEF21f7de5D4ba64A70
HYPE Address: 0xd4d56a30a4a745f8ba732e8b453b7066260fbc10

The first large transfer occurred on January 26, when Multicoin received 465,000 HYPE (approximately $16 million). In the following 5 days, they received about 990,000 HYPE (approximately $30.6 million) from Galaxy. No other on-chain transfers of similar scale have been found so far, but it cannot be ruled out that more will appear in the coming days.

Of course, it is not 100% certain, but based on the timing and on-chain associations, there is already sufficient basis to share this judgment. MLM stated, "Previously, we were not aware that they held such a large amount of ETH. If the judgment is incorrect, I am willing to delete this content."

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