On September 7, BlockBeats reported that an address linked to Hyperliquid development team HyperLabs received 433,000 HYPE after requesting redemption seven days earlier, and then transferred the tokens to 11 addresses nine hours later. According to BlockBeats On-chain Detection, the team now unstakes and transfers more than 400,000 HYPE each month.

The report said the monthly transfers appear to match the team’s staking income. HyperLabs reportedly holds 241 million HYPE, which generates 14,400 HYPE in daily staking rewards, and the monthly staking rewards are roughly equal to the amount transferred each month.