Former Hyperliquid Employee Closes HYPE Short with Small Loss as Holdings Shrink by 70,000+ HYPE Tokens

According to Coinbob’s Popular Address Monitor, in the last hour the Ethereum address 0x7ae—tied to a Hyperliquid former employee—has closed its HYPE short position with a modest realized loss. The entry price averaged around $24.17 and the position size was near $24,000. Since the start of the month, the address has steadily pared HYPE spot holdings, trimming exposure from roughly $5.85 million to $2.43 million and offloading more than 70,000 tokens. Current HYPE holdings stand near 98,200 tokens, with a monthly loss of about $1.53 million. A Hyperliquid public statement confirms the address is a former employee dismissed in Q1 2024 and no longer affiliated with Hyperliquid Labs; management notes the actions do not reflect the team’s standards or values.