North Korean Wallets Move Over $30 Million Through Hyperliquid

Recent analysis reveals that wallets associated with the North Korean Lazarus Group, which is under U.S. sanctions, have transferred over $30 million via the decentralized exchange known as Hyperliquid. Emmett Gallic, an analyst at Arkham, noted that these transactions have been ongoing and were still active until at least August 30.

According to Emmett Gallic, “Addresses linked to the OFAC-sanctioned Lazarus Group have been actively moving over $30 million through Hyperliquid as recently as yesterday,” referencing research from ZachXBT that connects these wallets to stolen funds totaling $61 million.

The funds were initially deposited as Bitcoin through HyperUnit, later exchanged for Ethereum and Solana, and subsequently moved across the Tron, Solana, and Ethereum networks. Withdrawals were made to various exchanges, including KuCoin, LBank, and Kraken, in addition to several unidentified Tron services.

Hyperliquid's U.S. Market Ambitions

This activity coincides with Hyperliquid's plans to enter the U.S. market amid discussions with regulatory bodies. In August, President Donald Trump indicated that the Commodity Futures Trading Commission (CFTC) chairman, Michael Selig, is facilitating Hyperliquid's U.S. launch "in full compliance with the law," which caused a roughly 20% increase in the price of the HYPE token.

On August 31, Bloomberg reported that Hyperliquid Labs is negotiating with Payward, Kraken's parent company, to allow U.S. clients to engage in cryptocurrency futures trading linked to a decentralised exchange via Bitnomial. This arrangement is pending regulatory approval, as Payward has already submitted the proposal to the CFTC. Representatives from both firms have refrained from providing comments on the matter.

Additionally, in May, Payward successfully acquired Bitnomial, which is equipped with comprehensive CFTC licenses for derivative trading in the U.S., paving the way for regulated trading products. Earlier in August, Hyperliquid suggested a modernization protocol for IPOs to the U.S. Securities and Exchange Commission, reflecting its proactive approach to regulatory engagement.