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Lazarus-linked wallets sold $30M Bitcoin via Hyperliquid in weeks
Arkham analysis reviewed by CoinDesk found the proceeds moved into ETH and SOL before transferring to exchanges including Kraken, LBank, and KuCoin.
An analysis reviewed by CoinDesk found that wallets linked to North Korea's Lazarus Group sold more than $30 million of Bitcoin through Hyperliquid over the prior three weeks, highlighting how pseudonymous and always-on crypto markets can be used to move funds. The reporting says the proceeds were converted into ETH and SOL before funds were transferred to exchanges including Kraken, LBank, and KuCoin. The sequence underscores the enforcement challenge regulators have warned about when crypto trading occurs through venues that can operate with limited visibility. The same day, Bloomberg reported Hyperliquid Labs was in advanced talks with Payward, the parent of Kraken, about establishing a regulated US entry point. Under the proposed setup, US customers would trade perpetual futures on Payward's Bitnomial exchange, with products tied to crypto tokens built on Hyperliquid's blockchain technology, subject to regulatory approval. The article notes an open question that could affect how directly US customers interact with Hyperliquid's existing market structure, including whether Bitnomial orders would reach Hyperliquid's order book, how liquidity would be shared, and where positions would settle or be hedged.
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