Hyperliquid development team may have sold 3.75 million HYPE through OTC, of which 1.25 million have been re-staked.

BlockBeats news, October 8th, according to Ember monitoring, the Hyperliquid development team HyperLabs successfully redeemed 3.75 million HYPE (332 million USD) 8 hours ago. 4 hours ago, after being distributed through 5 wallets, it was ultimately consolidated into the address 0x875...1d1 (which should be an institution that bought coins from the team via OTC).

Then, 1.25 million HYPE (110 million USD) of it was re-deposited into staking, while the other 2.5 million HYPE (220 million USD) remains in the wallet.

A HyperLabs member previously stated on Discord that the aforementioned 3.75 million HYPE would be distributed to the team after redemption, and then sold to an institution through an OTC transaction.