Hyperliquid's infrastructure continues to be a focus for regulators and analysts — and, as it turns out, not only because of innovation. Addresses linked to the North Korean Lazarus group, sanctioned by OFAC, have actively used this decentralized exchange to move funds. The amount in question exceeds $30 million, with activity recorded up to August 30.
My analysis shows that the scheme was well-honed: funds arrived on Hyperliquid via HyperUnit in Bitcoin, after which they were converted into ETH and SOL. The assets were then moved between the Tron, Solana, and Ethereum networks, and subsequently withdrawn to exchanges such as KuCoin, LBank, and Kraken, as well as to a number of unidentified Tron services. This is a classic money trail obfuscation tactic that, unfortunately, remains effective.
As early as 2024, on-chain detective ZachXBT linked these wallets to North Korean hackers, noting that more than $61 million had passed through them. The fact that these addresses continue to operate years later points to serious gaps in monitoring systems even on advanced platforms.
Hyperliquid on the threshold of the U.S. market
This news takes on particular significance against the backdrop of Hyperliquid's active preparation to enter the regulated U.S. market. In August, President Donald Trump publicly stated that CFTC Chairman Michael Selig is working on launching the platform in the country "in full compliance with the law." The market reaction was immediate — the HYPE token surged by about 20%.
Moreover, on August 31, information emerged about negotiations between Hyperliquid Labs and Payward — Kraken's parent company. The structure under discussion suggests that U.S. clients will be able to trade perpetual futures through Bitnomial, which Payward acquired in May. This platform holds a full set of CFTC licenses — as an exchange, broker, and clearing organization — making it an ideal bridge for a legal launch.
However, in my view, the disclosure of Lazarus's activity poses a difficult question for Hyperliquid and its potential partners: are they ready to tighten compliance procedures to the level that U.S. regulators will require? Otherwise, even the most ambitious expansion plans could face serious obstacles — and this will become a test not only for Hyperliquid, but for the entire DeFi industry, which is seeking a balance between decentralization and security.