Multicoin Capital Allegedly Transfers $22M ETH to HYPE

KuCoinFlash

Release Time: 02/04/2026 17:01:36

Summary

ETH news on February 5, 2026, revealed that wallets tied to Multicoin Capital have been moving significant ETH to HYPE. From January 22, these wallets sent 87,100 ETH ($220 million) to a Galaxy Digital address linked to Multicoin. On January 23, a Multicoin-linked wallet started receiving HYPE from Galaxy. The first major inflow was 465,000 HYPE ($16 million) on January 26, followed by 990,000 HYPE ($30.6 million) over the next five days. No further large transfers have occurred yet, but more could follow.

BlockBeats News, on February 5, according to MLM monitoring, wallets associated with Multicoin Capital are converting large amounts of ETH into HYPE:

Since January 22, related wallets have transferred 87,100 ETH, worth approximately 220 million USD, to a Galaxy Digital deposit address associated with Multicoin. On January 23, the day after the first transfer, a wallet associated with Multicoin began receiving HYPE from Galaxy.

Relevant address:
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, another approximately 990,000 HYPE (about $30.6 million) was received from Galaxy. No other on-chain transfers of similar scale have been found so far, but more may appear in the coming days.

Of course, it's not 100% certain, but based on the timing and on-chain association, there is already sufficient basis to share this judgment. MLM said, "I didn't know they held such a large amount of ETH before. If the judgment is wrong, I'm also willing to delete this post."

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