HyperLabs redeemed 3.75 million HYPE tokens and completed an OTC transfer to institutional investors.

On October 08, according to on-chain analyst Ember (@EmberCN), Hyperliquid development team HyperLabs successfully redeemed 3.75 million HYPE tokens (approximately $332 million) 8 hours ago. After being distributed across 5 wallets, the assets were consolidated into address 0x875...1d1, which is suspected to belong to an institution purchasing tokens from the team via OTC. Of the total, 1.25 million HYPE (approximately $110 million) has been redeposited for staking, while the remaining 2.5 million HYPE (approximately $220 million) remains in the wallet. According to reports, project team members had previously disclosed in Discord that the redeemed tokens would be allocated to team members before being sold to an institution via OTC.