Crypto Twitter lit up this weekend after Kyle Samani publicly slammed Hyperliquid just days after stepping down from Multicoin Capital. The timing raised eyebrows, especially as onchain data showed wallets linked to Multicoin accumulating more than $40 million worth of HYPE around the same period.

This story is an excerpt from the Unchained Daily newsletter.

Samani didn’t mince words, calling Hyperliquid “everything wrong with crypto,” citing its closed-source code, permissioned design, and governance trade-offs. 

“Hyperliquid is not permissionless,” he wrote.

The criticism stood in sharp contrast to Multicoin’s apparent bullish positioning, fueling speculation that internal disagreements over HYPE may have played a role in his departure.

That narrative gained more traction when Samani was directly asked about Multicoin’s HYPE buys. His response was blunt: “I don’t work there.”

There’s no confirmation that Hyperliquid factored into Samani’s exit, and neither side has tied the move to portfolio decisions.