On-chain data analysis has revealed that wallets linked to the North Korean hacker group Lazarus have processed over $30 million in Bitcoin transactions through the Hyperliquid platform over the past three weeks. This discovery creates serious risks for the exchange's plans to enter the US market, especially in light of active engagement with regulators.
The identification of these wallets was made possible through attribution published by analyst ZachXBT back in 2024. According to my data, the funds were converted into ETH and Solana (SOL), and then withdrawn to centralized exchanges Kraken, LBank, and KuCoin. This laundering scheme is typical Lazarus modus operandi, which seeks to confuse the trail before the final liquidation of assets.
Political context and pressure on Hyperliquid
The situation is escalating against the backdrop of a recent mention of Hyperliquid by US President Donald Trump. At a White House event, he stated that Commodity Futures Trading Commission (CFTC) Chairman Michael Selig is actively working to ensure the platform enters the US market "in a lawful and fully compliant manner." This statement underscores that the issue of Hyperliquid's legalization is at the highest level.
At the time of the analysis, the HYPE token was trading around $84, showing a 5% increase over the day. Notably, the price reached an all-time high of $86.71 even before the information about the Lazarus connection emerged, suggesting that the market has not yet priced in sanctions risks. This "calm" could be deceptive.
Sanctions risks and regulatory pressure
The US Treasury's Office of Foreign Assets Control (OFAC) imposed sanctions on the Lazarus Group back in 2019. The group is responsible for the Ronin Network hack in 2022 and the record $1.5 billion theft from the Bybit exchange in 2025. In the first half of 2025, North Korean hackers stole approximately $1.6 billion in cryptocurrency, accounting for about 70% of all market losses during that period.
This data has surfaced just as Hyperliquid is negotiating with Payward for a regulated entry into the US market through its subsidiary Bitnomial. In May, Payward closed the deal to acquire Bitnomial for $550 million, obtaining three CFTC licenses at once. Now the regulator may use this case as an indicator of how seriously Hyperliquid takes compliance.
My view: The market's ignoring of this news is a temporary phenomenon. If the CFTC perceives Lazarus activity as a signal of insufficient control on Hyperliquid's part, the approval process could drag on for months. Investors should closely monitor the regulator's reaction, as it, rather than the current price, will determine the medium-term trajectory of HYPE.