In the dimly lit corners of the decentralized perpetuals exchange, Hyperliquid, a tale unfolds-one that would make even the most jaded observer raise an eyebrow. 🧐 The community, ever vigilant, had its suspicions piqued by a wallet, a mere address in the vast sea of blockchain, believed to be linked to the internal team. What mischief was afoot? Ah, the drama of it all!
Co-founder Iliensinc, with a sigh that could be heard through the Discord channel, revealed on Monday that the wallet in question belonged to an ex-employee, unceremoniously terminated in the first quarter of 2024. 🗡️ “This individual,” Iliensinc wrote, with a tone that dripped with disdain, “is no longer associated with Hyperliquid Labs, and their actions do not reflect our team’s standards or values.” A rogue, indeed, with the address 0x7ae4…1028 etched in infamy.
Weeks prior, the ever-watchful community member cobe.hype had sounded the alarm, claiming the address was one of the Hyperliquid team wallets responsible for selling 4,000 HYPE tokens ($134,000) in a single day in November. 🤑 A heist, or merely a misunderstanding? The plot thickens.
Ethical Standards: A Beacon in the Crypto Wilderness 🌟
In a post that could only be described as a mix of reassurance and mild exasperation, Iliensinc proclaimed that Hyperliquid Labs adheres to a strict trading policy. “A level of accountability that sets a benchmark for the industry,” they declared, as if holding a torch in the dark forest of crypto. 🦸♂️
“All individuals associated with Hyperliquid Labs, including employees and contractors, are bound by strict ethical standards regarding the HYPE token,” the co-founder wrote, their words echoing with the weight of a moral compass. 📜 No shorting, no going long-the rules were clear, yet someone dared to defy them. Tsk, tsk.
Trading based on “material non-public information”? “Fundamentally prohibited,” Iliensinc added, their tone leaving no room for ambiguity. Sharing such information with third parties? Out of the question. Yet, here we are, unraveling a tale of disobedience and intrigue. 🕵️♂️
HYPE: The Rollercoaster That Keeps on Giving 🎢
Founded in late 2022, Hyperliquid has risen like a phoenix, commanding a dominant share of the perp DEX market. 🦅 The platform handled a staggering $653 billion in trading volume in Q2, 2025, representing roughly 73% of the perp DEX market, according to CoinGecko. Numbers that make one’s head spin.
Arthur Hayes, the co-founder of BitMEX and a man who knows a thing or two about perpetual contracts, recently dubbed Hyperliquid the “best story” of this cycle. 🌟 HYPE, he noted, launched at “two or three bucks” in November 2024 before soaring to $60. A meteoric rise, indeed, but not without its turbulence.
HYPE has been on a wild ride in 2025, hitting an all-time high near $60 in mid-September before succumbing to sell-offs. At the time of publication, it traded at $25.40, down 24% over the past year but up a whopping 290% since launch. A tale of highs and lows, much like life itself. 🎢
⚠️Not Dead Yet: Episode 0
Cypherpunk values are baked into the foundations of crypto: privacy, self-sovereignty, decentralization.
The problem? They’re dying.
In a new show, @rkbaggs is joined by Editor-in-Chief @JonRice to find out why, with the people who know best…
– CryptoMoon (@CryptoMoon) December 18, 2025
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2025-12-22 12:35