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BTC $76,631.87 -1.80%
ETH $2,274.79 -3.03%
BNB $621.52 -1.59%
XRP $1.39 -2.86%
SOL $84.26 -2.56%
TRX $0.3250 +0.39%
DOGE $0.0974 -1.34%
ADA $0.2445 -2.88%
BCH $448.96 -0.51%
LINK $9.19 -2.91%
HYPE $41.59 +0.59%
AAVE $96.50 +0.60%
SUI $0.9220 -2.34%
XLM $0.1646 -3.31%
ZEC $351.71 -1.09%

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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