Thread by @mlmabc

Yesterday, I made a post claiming that @paradigm is holding a large amount of $HYPE without providing supporting evidence. Here's the data and wallet analysis behind that claim:

Paradigm initially bought HYPE using @FalconXGlobal , which operates on Gate.io. Before HYPE was listed on Gate (and before FalconX supported it), they used Wintermute to acquire HYPE shortly after the TGE in November - something Matt Huang mentioned publicly (x.com/matthuang/stat…).

Key Transfers:
- On December 2nd, 4.18M HYPE (now worth ~$163M) was transferred from Wintermute to a fresh wallet. Based on timing, this was likely bought sub-$10, implying a cost basis around $20–$40M.

- On December 23rd, the HYPE was split across 10 new wallets, each receiving between 150k ($5.9M) and 840k ($32.8M) HYPE.

I attribute these wallets to Paradigm because:

They publicly said they were holding since November.

This was the only wallet (at the time) receiving "Paradigm-size" HYPE amounts, aside from one other wallet known to belong to a different liquid fund.

After that, it became harder to trace, wallets became more anonymous: no history, no connections, only one small test tx before receiving large HYPE transfers. Ironically, because Paradigm is one of the only funds doing this kind of stealth setup, it actually made them more identifiable.

Then came the Sonn announcement (@HypeStrat):

"A newly formed entity created by an entity affiliated with Atlas Merchant Capital LLC (“Atlas”), an affiliate of Paradigm Operations LP (“Paradigm”), and additional sponsors..."

Combined with Matt's tweet, this made me think Paradigm’s position isn’t just $100M, but significantly larger.

So I did the following:

Tracked all large HYPE withdrawals from Gate.io (falconx). Removed wallets I’d already tagged or that showed clear activity not tied to this. Grouped remaining wallets by on-chain activity and timing

I’ve tagged all these wallets, and based on timing, structure, and withdrawal behavior, it’s highly likely they’re related, and part of a single entity.

Wallets (USD values based on a price of $40 per HYPE):

4,176,142.34 HYPE ($167.05M) – received from Wintermute (Dec 3)

Wallet which received 4,176,140 HYPE ($167M) from Wintermute:
hypurrscan.io/address/0x24d5…

Which was then split up in 10 wallets:
hypurrscan.io/address/0x24cf… 250,184 HYPE ($10.01M)
hypurrscan.io/address/0x14a8… 592,184 HYPE ($23,69M)
hypurrscan.io/address/0x9f3b… 462,204 HYPE ($18,49M)
hypurrscan.io/address/0xeaf9… 352,284 HYPE ($14.09M)
hypurrscan.io/address/0x26aa… 150,285 HYPE ($6.01M)
hypurrscan.io/address/0x89f3… 342,582 HYPE ($13.70M)
hypurrscan.io/address/0xdaae… 391,492 HYPE ($15.66M)
hypurrscan.io/address/0xa3c2… 191,492 HYPE ($7.66M)
hypurrscan.io/address/0xe36e… 603,193 HYPE ($24.13M)
hypurrscan.io/address/0xeb99… 840,240 HYPE ($33.61M)

1,562,682.58 HYPE ($62.51M) – withdrawn from Gate (Feb 13 & 20)

hypurrscan.io/address/0x23cb… 221,213 HYPE ($8.85M)
hypurrscan.io/address/0xa78d… 315,841 HYPE ($12.63M)
hypurrscan.io/address/0xb952… 463,017 HYPE ($18.52M)
hypurrscan.io/address/0xcdf9… 562,612 HYPE ($22.50M)

10,791,062.49 HYPE ($431.64M)– withdrawn from Gate (Feb 25–Apr 12)

hypurrscan.io/address/0xc764… 1,104,112 HYPE ($44.16M)
hypurrscan.io/address/0xb283… 1,318,521 HYPE ($52.74M)
hypurrscan.io/address/0x470a… 1,018,343 HYPE ($40.73M)
hypurrscan.io/address/0xd22f… 1,282,394 HYPE ($51.30M)
hypurrscan.io/address/0x7f02… 1,867,882 HYPE ($74.72M)
hypurrscan.io/address/0xc4ff… 1,869,901 HYPE ($74.80M)
hypurrscan.io/address/0xa350… 2,329,910 HYPE ($93.20M)

2,605,013.05 HYPE ($104.20M) – withdrawn from Gate (Apr 24 & 26)

hypurrscan.io/address/0x5741… 217,573 HYPE ($8.70M)
hypurrscan.io/address/0x67fe… 590,441 HYPE ($23.62M)
hypurrscan.io/address/0xe06a… 844,590 HYPE ($33.78M)
hypurrscan.io/address/0x37ba… 952,409 HYPE ($38.10M)

Total: 19,134,900.46 HYPE

At $40/HYPE, that’s $765.4M in current value.

We can’t know the exact average entry, but using timestamps from when HYPE was received from Wintermute or Gate, the estimated average entry is $16.46, meaning a total cost basis of ~$315M.
Unrealized gain: ~$450M at $40/HYPE

Note:
This analysis is speculative. None of Paradigm’s wallet addresses are publicly known or confirmed. However, based on strong on-chain evidence, wallet behavior, and credible rumors, this appears to be the most likely scenario.

If accurate, this would make them by far the largest $HYPE holder, with ~2% of the total supply and ~6% of the circulating supply.