PANews reported on November 24th that, according to analyst MLM, an unknown entity used 54 different wallets to short a total of 1.6775 million HYPE tokens (worth $51.65 million) at an average price of $34.2087 over the past few days. Its closing price was only $34.6703, 12% higher than the current price (as of approximately 3:40 AM today). This entity also contributed to the 9% flash crash on November 9th. The entity used high leverage, with a total margin of $9 million in its wallets, and its short positions had realized unrealized profits (UPNL) of $5.34 million.

About a month ago, this group of positions appeared to have transferred approximately $8,000 worth of Arbitrum USDC to Twitter user @rektober. The group is also linked to two Solana and Ethereum wallets named 'okwan'. They also appear to be associated with, or be the operators behind, a token called WOULD, which had a market capitalization of $700 million on Solana earlier this year.