PANews reported on October 19th that on-chain analyst MLM, in a post on the X platform, revealed that multiple HYPE-related wallet clusters are suspected to be controlled by the same entity or individual, involving a total of 12.26 million HYPE tokens. This activity closely matches the activities of the well-known on-chain whale Technorevenant. Currently, the related wallets still hold approximately 9.59 million HYPE tokens (approximately $347 million), of which 2.56 million are unlocked, and the remainder is staked. Meanwhile, Technorevenant also holds approximately 1.42 million HYPE tokens (approximately $51.4 million) in DeFi protocols on the HyperEVM, using them as collateral to borrow 17.7 million USDT0.

Analysis shows that these wallets have exhibited consistent transaction times, execution patterns, and protocol usage habits over the past period of time. Among them, some wallet clusters have established large Aster hedging positions on Hyperliquid, and the timing overlaps with the HYPE sell-off. If Technorevenant's real-name wallets are included, its total HYPE holdings once reached 14.66 million (peak value of approximately US$870 million), and then began to be reduced in batches. Several wallets involved in the HYPE sell-off have the same API key characteristics as other Technorevenant addresses, and the transaction execution patterns are almost identical. This sign has sparked speculation that these wallets are most likely controlled by the same person or team.