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HYPE $72.58 +6.10%
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BTC $72,601.97 -1.41%
ETH $1,980.45 -1.62%
BNB $702.60 -2.69%
XRP $1.30 -2.53%
SOL $80.84 -1.91%
TRX $0.3510 +0.50%
DOGE $0.0998 -0.45%
ADA $0.2308 -2.09%
BCH $288.39 -5.68%
LINK $9.00 -1.85%
HYPE $72.58 +6.10%
AAVE $81.06 -1.48%
SUI $0.8780 -2.45%
XLM $0.2567 +5.59%
ZEC $544.75 -0.34%

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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