Kyle Samani Slams Hyperliquid Days After Leaving Multicoin
Kyle Samani stepped down from Multicoin Capital on February 5, 2026, after almost a decade as co-founder. Today, he’s publicly criticizing Hyperliquid (HYPE) as on-chain knowledge reveals Multicoin bought over $40 million in HYPE tokens.
The shut timing has fueled hypothesis that inside conflicts over funding technique prompted the departure of one of the vital notable Solana advocates within the crypto trade.
Multicoin, Hyperliquid, and Kyle Samani: Coincidence or Clash?
Samani’s departure announcement on February 5 marked a major shift for Multicoin Capital, a number one power in institutional crypto funding.
Despite his departure, Samani said he would stay engaged in cryptocurrency, particularly inside the Solana ecosystem.
The announcement got here solely days after MLM analysts flagged wallets believed to be linked to Multicoin accumulating massive quantities of Hyperliquid’s HYPE token in late January.
They highlighted purchases totalling tens of hundreds of thousands of {dollars}. Additional evaluation means that substantial ETH flows have been rotated into HYPE over a number of days through middleman wallets.
Notably, no official affirmation has linked the trades on to Multicoin’s inside technique choices.
Today, February 8, simply three days after his formal exit, Samani is criticizing Hyperliquid on social media, making his place unmistakably clear.
“Hyperliquid is, in most respects, every part fallacious with crypto. The founder actually fled his house nation to construct Openly, which facilitates crime and terror. Closed supply Permissioned,” wrote Samani in a put up.
This robust criticism stands in direct distinction to Multicoin’s high-profile funding in HYPE tokens. As a outcome, observers questioned if Samani’s views clashed with the agency’s current choices, serving to drive his exit.
Solana Investment Philosophy Versus HYPE Strategy
Multicoin Capital earned its fame as a vocal backer of Solana. In September 2025, the agency led a $1.65 billion non-public funding into Forward Industries, working with Jump Crypto and Galaxy Digital to create what they known as “the world’s main Solana treasury firm.”
Samani was named Chairman of Forward Industries’ Board, underlining his significance to Multicoin’s Solana focus.
The Solana funding technique centered on clear yields via staking, DeFi protocols, and capital effectivity. Multicoin highlighted Solana’s infrastructure as providing higher economics than Bitcoin treasury fashions, citing native yields of 8.05% as of September 2025.
The agency additionally launched research on Solana tasks like Jito, which by March 2025 powered over 94% of all Solana stake through customized block manufacturing expertise.
Hyperliquid, in the meantime, represents a contrasting strategy. The platform is a decentralized perpetual futures exchange with its personal blockchain.
It is fashionable for high leverage and low charges, however faces criticism for its centralized validator system, closed-source code, and regulatory dangers. These options seem to oppose the rules Samani promoted at Multicoin.
Tensions between methods grew to become extra evident as analysts speculated about inside dynamics.
“Does this imply that they couldn’t purchase HYPE so long as Kyle was operating the fund, which is why his leaving coincides with Multicoin shopping for plenty of HYPE?” wrote one consumer.
Kyle Samani didn’t instantly reply to BeInCrypto’s request for remark.
Supporters Defend Hyperliquid as Samani’s Exit Sparks Ideological Debate
Some traders and merchants pushed again strongly towards Samani’s criticism. They argue that Hyperliquid represents a return to crypto’s authentic rules fairly than a departure from them.
Hyperliquid’s choice to direct revenue toward token buybacks and community incentives displays a mannequin designed to extra carefully align customers and infrastructure than many venture-backed tasks.
The divide highlights a deeper ideological cut up rising inside crypto markets. On one facet are traders who prioritize transparency, decentralization, and group possession as defining rules.
On the opposite hand, there are those that champion efficiency, liquidity depth, and institutional-grade infrastructure, even when these programs require trade-offs in governance or structure.
Samani’s departure itself has not been formally tied to any particular funding choice. Neither Multicoin nor Samani has publicly said that Hyperliquid or portfolio positioning performed any function within the transition.
Sometimes, management modifications at enterprise companies typically stem from long-term strategic shifts, private choices, or fund-structure concerns that is probably not seen externally.
Still, the timing has confirmed troublesome for markets to disregard. In crypto, an trade the place narratives journey shortly, the mixture of on-chain transparency and social media hypothesis typically fills gaps left by restricted official disclosures.
Meanwhile, the HYPE token is nurturing a restoration, with the next low on the 4-hour timeframe, suggesting a pattern reversal if purchaser momentum sustains.
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