Adult footage of the TNA wrestling star and Heather Clem - the estranged wife of Bubba - surfaced online recently.
It has now been claimed that an unpaid former Sirius XM Radio staff member working with Hogan's close friend was responsible for the release of the tape.
According to RadarOnline.com, while working at the radio station, Bubba is said to have shared the sex tape with his former employee, who is now thought to have released it as revenge for Bubba quitting his job as a host at the station.
A source suggested: "Even though Bubba knew how much the Hulk sex tape would be worth, he didn't stab his friend in the back and he's not the one who released it.
"It's a former employee of Bubba's who was outraged when he left Sirius to go back to terrestrial radio. He wanted payback."
The insider added: "Bubba didn't secure the tape properly and showed it to a bunch of people. And that's why they're all in this mess now."