Kyle Samani Criticizes Hyperliquid Days After Leaving Multicoin

Kyle Samani stepped down from Multicoin Capital on February 5, 2026, after nearly a decade as co-founder. On-chain data shows wallets linked to the firm accumulated Hyperliquid’s HYPE token in late January, with purchases exceeding $40 million, and the close timing has prompted speculation that differences over investment strategy may have played a role.

Three days after his exit, Samani publicly condemned Hyperliquid on social media: "Hyperliquid is, in most respects, everything wrong with crypto. The founder literally fled his home country to build Openly, which facilitates crime and terror. Closed source Permissioned," he wrote.

That criticism stands in contrast to Multicoin’s sizeable HYPE purchases, though no official confirmation ties the trades to internal strategy decisions. Multicoin has been a prominent Solana backer, leading a $1.65 billion private investment into Forward Industries and emphasizing transparent yields through staking and DeFi.

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