Hyperliquid says “team” wallet that sold HYPE belonged to fired ex-employee
Hyperliquid, the decentralized perpetuals exchange, has pushed back on community concerns that a wallet linked to heavy HYPE selling was controlled by current team members.
On Monday, co‑founder Iliensinc told Hyperliquid’s Discord that the address flagged by users — 0x7ae4…1028 — belongs to an ex‑employee who was dismissed in Q1 2024. “This individual is no longer associated with Hyperliquid Labs, and their actions do not reflect our team’s standards or values,” Iliensinc wrote.
The clarification follows weeks of speculation after Discord user cobe.hype alleged that the address was “one of the Hyperliquid team wallets” and sold roughly 4,000 HYPE tokens (about $134,000) in a single day last November. Community members had raised particular alarm because the transaction was interpreted as a short against HYPE.
Iliensinc used the post to restate Hyperliquid’s internal rules. The company says it enforces a strict trading policy meant to set “a benchmark for the industry.” According to the co‑founder:
- All employees and contractors are bound by tight ethical standards around the HYPE token.
- Derivatives trading on HYPE — including going long or short — is prohibited for staff and contractors.
- Trading on “material non‑public information” and sharing such information with third parties is strictly forbidden.
Founded in late 2022, Hyperliquid has rapidly grown into a dominant force in the perpetuals DEX market. CoinGecko data shows the platform handled at least $653 billion in trading volume in Q2 2025, roughly 73% of the perp DEX market.
High‑profile supporters have taken notice: Arthur Hayes — BitMEX co‑founder and a key figure in popularizing perpetual contracts — recently called Hyperliquid the “best story” of the cycle, noting that HYPE launched at “two or three bucks” in November 2024 and surged to about $60.
HYPE has been volatile in 2025. The token hit an all‑time high near $60 in mid‑September before subsequent sell‑offs. At the time of publication HYPE traded at $25.40 — down roughly 24% over the past year, but up about 290% since launch, per CoinGecko.
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