Kyle Samani Slams Hyperliquid Days After Leaving Multicoin

Kyle Samani stepped down as managing director of Multicoin Capital on February 5, 2026 according to reports. Just three days later, he publicly criticized Hyperliquid (HYPE), a decentralized futures exchange platform. The move coincided with on-chain data showing Multicoin had purchased over $40 million in HYPE tokens. This timing has fueled speculation about internal disagreements over investment strategies at Multicoin.

Samani’s criticism highlighted concerns about Hyperliquid’s governance structure. He described the platform as "everything wrong with crypto," citing its closed-source code and centralized validator system. Some supporters of Hyperliquid pushed back, arguing the platform aligns more closely with core crypto principles than many venture-backed projects.

The timing of Samani’s exit and his criticism of HYPE has drawn attention from the market and media. Analysts questioned whether his departure was linked to the firm’s investment in Hyperliquid. Multicoin has not confirmed or denied any direct connection.

Why Did This Happen?

Samani’s departure from Multicoin was announced as a personal decision, with no direct mention of Hyperliquid. He stated his intent to take time off and explore new technologies like AI and robotics. However, his timing in criticizing Hyperliquid has raised questions about internal dynamics at Multicoin.

On-chain data showed Multicoin-linked wallets had accumulated large amounts of HYPE tokens in late January. This activity suggests the firm had already positioned itself in the asset before Samani’s public criticism. Analysts have speculated about whether this influenced his departure.

How Did Markets React?

Hyperliquid’s HYPE token has continued to hold gains despite the broader crypto market downturn. As of February 8, HYPE was trading at $34.6, up 3% in the past 24 hours. The token’s open interest has also remained steady, with $1.60 billion in futures positions.

Market observers have noted that Samani’s criticism does not appear to have immediately affected HYPE’s price. The token has continued to perform better than most major cryptocurrencies. This resilience may be due to recent developments like the Coinbase spot listing and the HIP-4 proposal.

What Are Analysts Watching Next?

Analysts are closely watching whether Samani’s criticism reflects a broader ideological shift in the crypto industry. Some argue that the debate highlights a fundamental tension between performance and principles. On one side, investors prioritize transparency, decentralization, and community ownership. On the other, they value liquidity, infrastructure, and institutional-grade services.

Hyperliquid’s recent expansion into prediction markets and its integration with Jupiter also make it a key player to watch. The platform’s HIP-4 proposal aims to introduce outcome-based trading contracts, which could further differentiate it from other DeFi projects.

Investors are also monitoring how Multicoin Capital and Hyperliquid respond to the situation. Neither entity has provided a public statement on Samani’s comments or the firm’s investment strategy.