$96.55M
Labs has clarified concerns from its community about a wallet accused of selling large amounts of HYPE tokens.
In a Discord post on December 22, co-founder Iliensinc said the address in question belongs to someone who no longer works for the company.
According to Iliensinc, the wallet identified by users, 0x7ae4…1028, is controlled by a former staff member who left in early 2024. He wrote, “This individual is no longer associated with Hyperliquid Labs, and their actions do not reflect our team’s standards or values”.
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The statement came after community member cobe.hype claimed the address was tied to a team wallet that sold around 4,000 HYPE tokens, worth roughly $134,000, in a single day in November.
The sale had raised doubts among traders, who suspected it might involve insider activity.
Iliensinc also explained that Hyperliquid Labs enforces strict trading rules to maintain fairness and transparency. He said the company’s policy aims to hold everyone on the team accountable for their conduct. He said:
All individuals associated with Hyperliquid Labs, including employees and contractors, are bound by strict ethical standards regarding the HYPE token.
Iliensinc added that the company bars its team from taking any derivative positions on HYPE.
He also reminded the community that trading or sharing “material non-public information” is forbidden.
$5.74B
has warned users about people and groups pretending to act on its behalf to arrange token listings. What did the exchange say? Read the full story.
