In one of the popular altcoins of recent times, developers have unlocked a large amount of tokens and are selling them over-the-counter (OTC)
Hyperliquid Labs has begun distributing 3.75 million HYPE tokens, worth approximately $330 million, as part of its over-the-counter (OTC) sale
According to shared data, the seven-day staking process for the 3.75 million HYPE tokens released by Hyperliquid Labs has been completed, and the tokens have been transferred to the team’s spot balance. It was stated that these tokens will not be sold on the open market but will instead be transferred under an OTC agreement with an unnamed institutional investor
In the first phase, a total of 1.87 million HYPE was sent to five different OTC recipient wallets. Each wallet received 375,000 HYPE, thus completing the distribution of 50% of the total 3.75 million HYPE OTC allocation. Based on current prices, the total value of the distributed tokens is approximately $165 million
Observers tracking on-chain transactions have identified that one of the addresses to which funds were sent staked the tokens on the Unit x Hyperliquid Strategies Validator. While this transaction is considered a potential clue to the identity of the OTC recipient, the identities of the parties have not yet been officially revealed
Hyperliquid Labs is expected to distribute the remaining 1.87 million HYPE under the same OTC deal
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