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Kyle Samani left Multicoin Capital on February 5, 2026, after nearly a decade as co-founder. Today, he publicly criticizes Hyperliquid (HYPE). On-chain data shows that Multicoin has bought more than $40 million in HYPE tokens.
This close timing has sparked speculation that internal conflicts over investment strategy have prompted the departure of one of Solana’s most prominent advocates in the cryptocurrency industry.
Multicoin, Hyperliquid and Kyle Samani: Coincidence or Clash?
The announcement of Samani’s departure on February 5 represented a major change for Multicoin Capital, a leading force in institutional cryptocurrency investing.
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Despite his departure, Samani stated that he will remain involved in cryptocurrencies, especially in the Solana ecosystem.
The announcement came a few days later To be informed Network marketing analysts have pointed to wallets that they believe are linked to the raising of large amounts of Hyperliquid’s HYPE token at the end of January.
They highlighted purchases for tens of millions of dollars. Additional analyzes indicate that ETH flows Large amounts were transferred to HUPE over several days via intermediary wallets.
It should be noted that no official confirmation has directly linked the trades to Multicoin’s internal strategy decisions.
Today, February 8, just three days after its official release, Samani criticizes Hyperliquid on social media, making his position unequivocal.
“Hyperliquidity is, in most respects, everything that is wrong with cryptocurrencies. The founder literally fled his homeland to build the organization Openly, which facilitates crime and terrorism. Closed source is allowed, “books Sit in one place.
This strong criticism directly contradicts Multicoin’s high-profile investment in HYPE codes. As a result, observers questioned whether Samani’s views were in conflict with the company’s recent decisions, which helped prompt his departure.
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Solana’s investment philosophy versus hype strategy
Multicoin Capital has earned its reputation as a staunch supporter of Solana. In September 2025, I drove The company made a private investment of $1.65 billion in Forward Industries, working with Jump Crypto and Galaxy Digital to create what they described as “the world’s treasure company, Solana.”
Samani was appointed Chairman of Forward Industries, underlining his importance to Multicoin’s focus in Solana.
Solana’s investment strategy is centered on transparent returns through staking, DeFi protocols and capital efficiency. Multicoin highlighted Solana’s infrastructure as offering better economics than Bitcoin’s treasury models, citing original returns of 8.05% through September 2025.
As issued The company studied About Solana projects such as Gitto, which by March 2025 was running more than 94% of Solana’s participation via custom block production technology.
The superfluid represents a contradictory approach. The platform is A permanent decentralized futures exchange With its own blockchain.
It is known for its high leverage and low fees, but faces criticism for its centralized verification system, closed source code and regulatory risks. These features seem to be in opposition to the principles that Samani promotes in Multicoin.
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The tensions between the strategies became more apparent as analysts speculated about the internal dynamics.
“Does this mean that they could not buy HYPE until Kyle was managing the fund, which is why his departure coincides with Multicoin buying a large amount of HIGHPE?” books One of the users.
Kyle Samani did not immediately respond to BeInCrypto’s request for comment.
Supporters defended the hyperliquid while Samani’s exit sparked an ideological debate
Some investors and traders responded strongly to Samani’s criticism. They argue that Hyperliquid represents a return to the original principles of cryptocurrency rather than a departure from them.
Hyperliquid appointment Directing revenue towards token buybacks and community incentives It reflects a model designed to align users and infrastructure closer to multiple mission projects.
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This highlights the deeper ideological divide emerging in the cryptocurrency markets. On the one hand there are investors who prioritize transparency, decentralization and community ownership as defining principles.
On the other hand, there are those who support the performance, depth of liquidity and quality infrastructure of the company, even when these systems require exchanges in governance or architecture.
Samani’s departure was not officially linked to a specific investment decision. Neither Multicoin nor Samani have publicly stated that superfluidity or wallet positioning played a role in this change.
Sometimes leadership changes in venture capital firms often stem from long-term strategic changes, personal decisions or fund structural considerations that may not be externally visible.
However, the timing is proving difficult for markets to ignore. In the world of cryptocurrencies, an industry where narrative spreads quickly, a combination of on-chain transparency and speculation on social media often fills the gaps left by limited official disclosures.
Meanwhile, the HYPE token is recovering, with higher lows in the four-hour frame, indicating a trend reversal if the buyers’ momentum continues.
