A former employee of Hyperliquid has withdrawn 249,999 USDC from a contract account, leaving a balance of approximately 1.48 million USDC. The transaction was identified by Coinbob monitoring, which noted the address's consistent shorting of HYPE during a price decline. On-chain analysis revealed the address's connection to the Hyperliquid team, prompting further investigation. Hyperliquid has since clarified that the address belongs to an ex-employee who was laid off in 2024 and no longer has ties with the company.