Hyperliquid says ex-employee responsible for HYPE token shorting

cointelegraphPublicado em 2025-12-22Última atualização em 2025-12-22

Resumo

Hyperliquid co-founder Iliensinc clarified on Discord that a wallet accused of shorting the HYPE token belonged to a former employee terminated in Q1 2024, not a current team member. The address sold around 4,000 HYPE tokens ($134,000) in a single day. Iliensinc emphasized that all employees and contractors are prohibited from derivatives trading involving HYPE or using material non-public information. Despite a 24% price drop this year, HYPE has risen 290% since its November 2024 launch. Arthur Hayes recently praised Hyperliquid as this cycle’s “best story,” noting its growth from $2–3 to over $60 at its peak. The platform dominated the perp DEX market with $653 billion volume in Q2 2025.

Decentralized perpetuals exchange Hyperliquid has addressed community concerns about a wallet that was believed to be linked to the internal team selling large amounts of HYPE (HYPE).

Co-founder Iliensinc said on Hyperliquid’s Discord channel Monday that the wallet flagged by the community for shorting HYPE belongs to an ex-employee who was terminated in the first quarter of 2024.

“This individual is no longer associated with Hyperliquid Labs, and their actions do not reflect our team’s standards or values,” Iliensinc wrote, referring to the address 0x7ae4...1028.

The clarification followed weeks after community member cobe.hype claimed the address belonged to “one of the Hyperliquid team wallets” that sold about 4,000 HYPE tokens ($134,000) in a single day in November.

Employees and contractors are bound by “strict ethical standards”

In the Discord post, Iliensinc said that Hyperliquid Labs maintains a strict trading policy designed to ensure that its team operates with a “level of accountability that sets a benchmark for the industry.”

“All individuals associated with Hyperliquid Labs, including employees and contractors, are bound by strict ethical standards regarding the HYPE token,” the co-founder wrote.

Source: Discord

Hyperliquid specifically prohibits employees and contractors from derivatives trading involving HYPE, which includes shorting or going long on the token, Iliensinc wrote.

The co-founder added that trading based on "material non-public information” is “fundamentally prohibited,” and that the restriction extends to sharing such information with third parties.

HYPE dubbed “best story” this cycle by Arthur Hayes, despite 24% drop this year

Founded in late 2022, Hyperliquid has grown to command a dominant share of the perp DEX market.

The platform handled at least $653 billion in trading volume in Q2, 2025, representing roughly 73% of the perp DEX market, according to CoinGecko.

CoinGecko’s Q2 2025 industry report. Source: CoinGecko

Arthur Hayes, who co-founded BitMEX and helped popularize perpetual contracts in crypto, recently described Hyperliquid as the “best story” of this cycle so far. He noted that HYPE launched at “two or three bucks” in November 2024 before “ripping all the way to $60.”

HYPE has experienced notable volatility in 2025, hitting an all-time high near $60 in mid-September before subsequent sell-offs. At the time of publication, HYPE was trading at $25.40, down about 24% over the past year but up about 290% since launch, according to CoinGecko.

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Perguntas relacionadas

QWho did Hyperliquid identify as responsible for the HYPE token shorting activity?

AHyperliquid identified an ex-employee, who was terminated in Q1 2024, as responsible for the HYPE token shorting.

QWhat specific trading activities involving HYPE are prohibited for Hyperliquid employees and contractors?

AHyperliquid prohibits employees and contractors from any derivatives trading involving HYPE, which includes both shorting and going long on the token.

QWhat was the community's initial concern regarding the wallet address 0x7ae4...1028?

AThe community was concerned that the wallet address belonged to a Hyperliquid team member and had sold approximately 4,000 HYPE tokens (worth $134,000) in a single day in November.

QHow did Arthur Hayes, co-founder of BitMEX, describe Hyperliquid?

AArthur Hayes described Hyperliquid as the 'best story' of this cycle so far, noting its significant growth from launching at a few dollars to reaching $60.

QWhat is Hyperliquid's market share in the perpetual DEX market according to CoinGecko's Q2 2025 report?

AAccording to CoinGecko's Q2 2025 report, Hyperliquid commanded roughly 73% of the perpetual DEX market, handling at least $653 billion in trading volume.

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