COINOTAG News, on December 22 and citing Coinbob Popular Address Monitor, reports that the Hyperliquid former employee address 0x7ae has been steadily liquidating HYPE spot through the month.

The holding has fallen from roughly $5.85 million to about $2.48 million, erasing more than 70,000 HYPE tokens and leaving around 98,200 tokens in reserve.

Price weakness in HYPE has driven a monthly loss near $1.43 million, while the account balance sits at roughly $4.2 million.

Additionally, the address carries a modest HYPE short position, with an average entry price of $24.17, an unrealized loss near 43.5%, and a position size around $25,800.

Hyperliquid’s team clarified via a post that the address is linked to a former employee terminated in Q1 2024 and no longer affiliated with Hyperliquid Labs, with the note that the actions do not reflect the organization’s standards.