Multicoin co-founder Kyle Samani launched a scathing attack on Hyperliquid, barely a week after Multicoin bought over $40 million in HYPE.
Kyle Samani, the recently departed co-founder of Multicoin Capital, has launched a blistering attack on the high-flying Hyperliquid decentralized exchange (DEX), labeling it a systemic risk despite his former firm’s reported aggressive accumulation of its underlying HYPE token.
Key Takeaways:
Kyle Samani publicly slammed Hyperliquid’s closed-source model days after leaving Multicoin Capital.
On-chain analysts report Multicoin-linked wallets holding over $40 million in HYPE tokens.
Hyperliquid recently surpassed Coinbase in volume following its HIP-4 prediction market launch.
Why is Samani Targeting Hyperliquid Now?
Samani stepped down from Multicoin Capital on February 5, 2026, ending a decade-long tenure.
Just three days later, on February 8, he broke his silence to target Hyperliquid, the biggest DEX in the world. His acerbic criticism highlights a deep ideological rift in the industry, with Kyle championing permissionless open-source protocols, which he claims Hyperliquid is not.