Kyle Samani Criticizes Hyperliquid After Multicoin Buys $40M In HYPE

TLDR

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Kyle Samani left Multicoin Capital on February 5, 2026, after nearly ten years as co-founder.
Wallets tied to Multicoin purchased over $40 million in HYPE tokens days before Samani’s exit.
Samani criticized Hyperliquid’s closed code and founder’s legal history in a public post.
Multicoin has not confirmed if Hyperliquid was part of its official investment strategy.

Just three days after stepping down from Multicoin Capital, co-founder Kyle Samani has openly criticized Hyperliquid. This comes as wallets linked to the firm reportedly accumulated over $40 million in HYPE tokens, prompting debate over a possible internal disagreement on crypto investment approaches.

Kyle Samani Leaves Multicoin Capital After Nearly a Decade

Kyle Samani officially stepped down from his role at Multicoin Capital on February 5, 2026. He co-founded the crypto investment firm and played a key role in shaping its strategy over the years.

His departure occurred during a period of heavy token activity involving wallets associated with Multicoin. Blockchain analysts noted that these wallets accumulated over $40 million worth of Hyperliquid’s HYPE token starting in late January. The timing of these purchases and Samani’s departure has raised questions among crypto traders and investors.

BREAKING: Kyle Samani, chairman of Forward Industries, says Hyperliquid represents “everything wrong with crypto,” calling out both the platform and its founder, Jeff Yan. pic.twitter.com/wq8G22t2sl

— SwanDesk (@SwanDesk) February 8, 2026

Samani confirmed he would remain active in the crypto sector, focusing mainly on the Solana ecosystem, where he has been a major supporter for years.

Public Criticism Sparks Debate Over Investment Direction

Just three days after his exit, Samani posted strong criticism of Hyperliquid on social media. He accused the project of lacking transparency and supporting harmful activity. “Hyperliquid is, in most respects, everything wrong with crypto,” Samani posted. “The founder literally fled his home country to build Openly, which facilitates crime and terror. Closed source. Permissioned.”

The message strongly contrasted with the reported investment activity by Multicoin. Although the firm has not confirmed its position on HYPE, the timing and size of the purchases led to public speculation about disagreements on investment strategy.

Some users questioned if Samani’s exit was tied to internal resistance against investing in Hyperliquid. “Does this mean they couldn’t buy HYPE as long as Kyle was running the fund?” one person wrote online.

Contrasting Philosophies Between Solana and Hyperliquid

Multicoin Capital has long focused on Solana and related projects. In September 2025, the firm led a $1.65 billion investment into Forward Industries to build Solana-based treasury infrastructure. Samani served as Chairman of the company’s board.

Their approach focused on transparency, on-chain staking, and community governance. Projects like Jito, which powered more than 94% of Solana’s stake, reflected this philosophy.

Hyperliquid, however, takes a different route. It operates as a decentralized perpetual futures exchange and is known for its own blockchain. While it offers high-speed performance and low fees, its centralized validators and closed-source code have drawn criticism.

These differences may have contributed to a divide within Multicoin’s leadership. There has been no official link between the firm’s portfolio strategy and Samani’s decision to leave, but market observers continue to connect the timing.

Market Reaction and Community Response to Samani’s Comments

Following Samani’s criticism, Hyperliquid supporters defended the project. Some said its structure promotes efficient trading and better aligns incentives between the platform and its users.

Hyperliquid’s strategy includes token buybacks and community incentives, which some view as offering long-term value to users. Despite the controversy, the HYPE token is showing signs of recovery, with analysts noting a higher low on the 4-hour chart, suggesting potential for upward momentum.

Multicoin and Samani have not issued further statements regarding the disagreement or investment. The timing of events has, however, intensified discussions around evolving ideologies in the crypto sector.

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