An entity linked to Andreessen Horowitz, or a16z, is suspected of selling HYPE tokens worth about $10.7 million, according to on-chain analyst Ai Yi cited by Odaily. The monitored address, identified as 0xb5E...F..., has allegedly been moving funds since yesterday.
After news of the Binance hack was disclosed, the entity transferred 118,000 HYPE in batches to Wintermute, Galaxy Digital, and Cumberland. The average transfer price was reported at $90.72 per token. The purpose of the transfers was not disclosed in the source report.
Ai Yi’s monitoring data shows the latest transfer took place 10 hours ago. No additional explanation was provided on whether the transfers were for market making, over-the-counter settlement, or direct sales. Odaily reported the activity as suspected selling rather than a confirmed disposal.
An entity linked to Andreessen Horowitz, or a16z, is suspected of selling HYPE worth about $10.7 million, according to on-chain analyst Ai Yi as cited by Odaily.
The address, shown as 0xb5E...F..., has allegedly been moving tokens since yesterday. After news of the Binance hack was disclosed, it transferred 118,000 HYPE in batches to Wintermute, Galaxy Digital, and Cumberland at an average price of $90.72.
The purpose of the transfers remains unknown. The most recent transfer took place 10 hours ago.
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