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Hyperliquid development team transfers HYPE tokens worth $38.14 million

1 hours ago

According to crypto monitoring platform Yu Jing, the 433,000 HYPE tokens (valued at $38.14 million) that HyperLabs, the development team behind Hyperliquid, applied to redeem seven days ago were deposited into its address 12 hours ago. Nine hours later, the tokens were transferred to 11 separate addresses. The team now un-stakes and transfers out over 400,000 HYPE tokens monthly, which essentially equals its monthly staking interest income: the 241 million HYPE tokens it holds (worth $21.2 billion) generate a daily staking interest of 14,400 HYPE ($1.26 million), meaning the monthly interest is exactly the amount the team transfers out each month.

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