BlockBeats reported on Oct. 8, citing on-chain watcher Ember, that 3.75 million HYPE previously redeemed by Hyperliquid development team HyperLabs were routed through five wallets and later consolidated at address 0x875...1d1. Ember said the address likely belongs to an institution that bought the tokens from the team in an over-the-counter deal. Of the total, 1.25 million HYPE, valued at about $110 million, were deposited back into staking, while 2.5 million HYPE, worth roughly $220 million, remain in the wallet. A HyperLabs member had earlier said in Discord that the 3.75 million HYPE would be allocated to the team after redemption and then sold to an institution through an OTC transaction.
According to BlockBeats on Oct. 8, citing on-chain tracker Ember, 3.75 million HYPE previously redeemed by Hyperliquid development team HyperLabs were consolidated at address 0x875...1d1 after being distributed across five wallets.
Ember said the address likely belongs to an institution that bought the tokens from the team through an OTC deal.
Of the 3.75 million HYPE, valued at $332 million, 1.25 million HYPE worth about $110 million have been deposited back into staking. The remaining 2.5 million HYPE, worth about $220 million, are still held in the wallet.
A HyperLabs member had previously said in Discord that the 3.75 million HYPE would be allocated to the team after redemption and then sold to an institution via an OTC transaction.
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