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Kyle Samani Criticizes Hyperliquid in Explosive Post-Departure Market Commentary

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Kyle Samani Criticizes Hyperliquid in Explosive Post-Departure Market Commentary

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.

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Samani also implies criminal or untoward things about the exchange, facilitating “crime and terror”, although he mistakenly calls the Bay Area-born Hyperliquid founder Jeff Wan an immigrant.

This clash of philosophies comes at a time when capital flows are ignoring ideology; investors pour $258 million into crypto startups regardless of technical decentralization, chasing the massive returns that high-performance apps are currently delivering.

With a dizzying plethora of features that give it some of the utility of a CEX, Hyperliquid has surged in recent months by prioritizing vertical integration and performance over open-source transparency.

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“Walled Garden” or Market Leader?

Samani didn’t hold back, asserting that Hyperliquid “is in most respects everything wrong with crypto.”

His critique specifically targets the project’s closed-source architecture and permissioned validator set.

He argues this “walled garden” approach, combined with the founder’s choice to set up shop in the non-extradition jurisdiction of Singapore, creates unacceptable seizure risks.

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Samani also alleged that the platform’s opacity acts as a shield for potential illicit financial activity.

This rhetoric taps into growing fears regarding unchecked crypto platforms, a narrative underscored recently when two high schoolers were charged in an Arizona home invasion targeting $66m in crypto, reminding the market of the darker side of unparalleled anonymity.

Despite Samani’s reservations, the market continues voting with its wallet. Hyperliquid recently overtook Coinbase in trading volume, doubling the centralized exchange’s figures in early 2026.

With a market cap above $7 billion, the HYPE token remains one of the 20 largest cryptocurrencies and among the top cryptos to diversify with. This calls to mind how the Post-Quantum QONE token sold out in 24 hours, proving that traders value cutting-edge tech narratives above the social media feuds.

The $40 Million Contradiction

The timing of these comments has also fueled speculation concerning internal disagreements at Multicoin.

A wallet widely believed to be linked to Multicoin was recently spotted accumulating over $40 million in HYPE tokens. This creates a stark contradiction: the firm Samani founded is betting heavily on the very asset he claims could ruin the industry.

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Samani’s response to the firm’s purchasing behavior was blunt: “I don’t work at multicoin.” Since leaving, he has stated his intention to branch into other technologies, but announced he will remain chair of Forward Industries, a Solana treasury.

Samani’s clash with Hyperliquid underscores the deep divisions still rife in crypto as the industry awaits regulation by US lawmakers.

The post Kyle Samani Criticizes Hyperliquid in Explosive Post-Departure Market Commentary appeared first on Cryptonews.

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LINK price slips as Bank of England selects Chainlink for its Synchronization Lab

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LINK price

Chainlink price continued its downward trend on Tuesday, February 10, continuing a downward trajectory that started in August when it peaked at $27.8.

Summary

  • Chainlink price has dropped in the last four consecutive weeks.
  • The Bank of England selected it as a member of its Synchronization Labs.
  • Technical analysis suggests that the LINK price will continue falling.

Chainlink (LINK) token was trading at $8.60, down by 70% from its highest point in 2025. It is hovering near its lowest level since Aug. 2024.

LINK token retreated even after the Bank of England selected Chainlink as part of the Synchronization Lab, where it will provide decentralization solutions. It joins other major entities like Swift, Quant (QNT), the London Stock Exchange, ClearToken, and Nuvante that will participate in the program.

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The Synchronization Lab is a new project that will allow synchronization operators to demonstrate how they will interact with the upcoming RT2 synchronization capability. It will build on Project Meridian, which has demonstrated that the synchronization operator concept is technically feasible.

According to the statement, the Synchronization Lab will also demonstrate synchronization’s flexibility and supporting ecosystem readiness. 

The Bank of England becomes the next major organization to select Chainlink as its oracle provider. Some of its top partners are companies like UBS, Euroclear, JPMorgan, DTCC, ANZ Bank, and Fidelity. 

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These partnerships have helped boost Chainlink’s revenue over time, which has helped it boost the Strategic LINK Reserves. Data shows that the network has accumulated 1.9 million tokens worth over $16.2 million.

Meanwhile, spot Chainlink ETFs have continued doing well this month and are beating other coins like Bitcoin and Ethereum. Spot BTC ETFs have accumulated over $5.58 million in assets this month, while Bitcoin funds have shed over $173 million. Ethereum funds have shed $108 million in outflows this month.

LINK price technical analysis

LINK price
Chainlink crypto price chart | Source: crypto.news 

The weekly chart shows that the LINK price has slumped in the past few months, moving from a high of $27.46 in August to a low of $8.5.

It has dropped below the crucial support level at $10.24, the neckline of the giant head-and-shoulders pattern, which has been forming since October 2023.

It has moved below the 50-week and 100-week Exponential Moving Averages, while the Relative Strength Index has continued moving downwards. The two averages have formed a bearish crossover.

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Therefore, the next key support level to watch will be at $5.541, its lowest level in June 2023. If this happens, the coin will fall by about 35% from the current level.

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Bitcoin Trades Like Growth Stock, Not Gold: Grayscale

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Bitcoin Trades Like Growth Stock, Not Gold: Grayscale

Bitcoin’s long-standing narrative as “digital gold” is being put to the test as its recent price action increasingly resembles that of a high-risk growth asset rather than a traditional safe haven, according to new research from Grayscale.

Report author Zach Pandl said on Tuesday that while Grayscale still views Bitcoin (BTC) as a long-term store of value due to its fixed supply and independence from central banking authorities, recent market behavior suggests otherwise.

“Bitcoin’s short-term price movements have not been tightly correlated with gold or other precious metals,” Pandl wrote, pointing to record rallies in bullion and silver prices.

Instead, the analysis found that Bitcoin has developed a strong correlation with software stocks, particularly since early 2024. That sector has recently come under intense selling pressure amid concerns that artificial intelligence could disrupt or render many software services obsolete.

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Bitcoin’s latest plunge mirrors the collapse in software stocks since the start of 2026. Source: Grayscale

The report suggests Bitcoin’s growing sensitivity to equities and growth assets reflects its deeper integration into traditional financial markets, driven in part by institutional participation, exchange-traded fund activity and shifting macroeconomic risk sentiment.

The shift comes as Bitcoin has experienced about a 50% drawdown from its October peak above $126,000. The decline unfolded in several waves, beginning with a historic October 2025 liquidation event, followed by renewed selling in late November and again in late January 2026. Grayscale also pointed to “motivated US sellers” in recent weeks, citing persistent price discounts on Coinbase.

Related: Crypto’s 2026 investment playbook: Bitcoin, stablecoin infrastructure, tokenized assets

Part of Bitcoin’s ongoing evolution

Bitcoin’s recent failure to live up to its safe-haven narrative should not be viewed as a setback but rather as part of the asset’s ongoing evolution, according to Grayscale.

Pandl said it would have been unrealistic to expect Bitcoin to displace gold as a monetary asset in such a short period.

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“Gold has been used as money for thousands of years and served as the backbone of the international monetary system until the early 1970s,” Pandl wrote.

While Bitcoin’s failure to reach similar monetary status is “central to the investment thesis,” he said, it could evolve in that direction over time as the global economy becomes increasingly digitized through artificial intelligence, autonomous agents and tokenized financial markets.

Despite its recent underperformance, Bitcoin’s annualized returns have significantly outpaced gold over the past decade. Source: Grayscale

In the near term, Bitcoin’s recovery may depend on fresh capital entering the market, either through renewed ETF inflows or a return of retail investors. Market maker Wintermute said retail participation has recently been concentrated in AI-related stocks and growth narratives, limiting near-term demand for crypto assets.

Related: Wall Street’s crypto debate is over as banks go all-in on BTC, stablecoins, tokenized cash