- A wallet linked to Andrew Tate accumulated 122,827 HYPE roughly two years ago at an average price of about $4.48 per token, according to Lookonchain.
- With HYPE trading near $89, the position has generated an estimated $7.24 million in unrealized profit, representing a roughly 1,317% return.
- The wallet recently transferred 20,950 HYPE worth approximately $1.87 million to Binance while still holding around 63,550 HYPE valued at $5.62 million.
Andrew Tate has recorded a multimillion-dollar paper profit from an early investment in Hyperliquid’s HYPE token as the cryptocurrency trades near $89.
On-chain data shared by Lookonchain on Oct. 3 shows that a wallet linked to Tate accumulated 122,827 HYPE roughly two years ago at an average price of approximately $4.48.
The initial investment was worth around $550,000. Following HYPE’s sharp rise, the position has generated an estimated return of 1,317%.
The gains came back into focus after the wallet transferred 20,950 HYPE, worth approximately $1.87 million, to Binance.
Tate Still Holds $5.62 Million in HYPE
Despite the Binance transfer, the wallet still holds approximately 63,550 HYPE valued at around $5.62 million.
Its total unrealized profit is estimated at $7.24 million.
Moving cryptocurrency to a centralized exchange does not necessarily mean the assets have been sold. However, exchanges can provide greater liquidity and flexibility for trading or converting tokens.
HYPE is the native token of Hyperliquid, a decentralized perpetual futures exchange operating on its own Layer 1 blockchain.
The token has climbed from below $5 following its late-2024 launch to around $89, with growth in platform activity and token buybacks among the factors supporting its rise.
HYPE Position Contrasts With Leveraged Trades
The HYPE investment stands apart from Tate’s previous activity in leveraged crypto markets.
Earlier on-chain analyses reported that wallets linked to Tate experienced losses and liquidations from leveraged positions involving cryptocurrencies including Bitcoin and Ethereum.
Tate has also been associated with DADDY, a Solana-based memecoin he heavily promoted in 2024.
DADDY briefly reached a market capitalization above $200 million during the celebrity memecoin boom before later losing much of its value.
The HYPE position, by comparison, benefited from holding the token during Hyperliquid’s growth rather than relying on leveraged trading.
Tate Faces Multiple Legal Proceedings
The crypto activity comes while Tate and his brother Tristan face legal proceedings across several jurisdictions.
According to the source report, the brothers are being held in the United States following their July arrest in Miami, while UK authorities are seeking their extradition over allegations including rape, sex trafficking and assault.
Romanian prosecutors also filed new charges in September involving alleged human trafficking, money laundering and offenses involving minors.
The brothers have denied the allegations against them across the various jurisdictions.
