a16z-affiliated entity suspected of transferring out 118,000 HYPE, worth about $10.7 million

According to Shenchao TechFlow, on October 31, on-chain analyst Ai Yi observed that an a16z-affiliated entity (0xb5E...F...) has been transferring 118,000 HYPE in batches to Wintermute, Galaxy Digital, and Cumberland since yesterday. At an average price of $90.72, the transfer is worth about $10.7 million.

The above transfers occurred after news of the Binance hack was disclosed, and the intended use of the funds remains unclear. The entity's most recent transfer occurred about 10 hours ago.

Source: Shenchao TechFlow