Lazarus-linked wallets sold more than $30 million in BTC on Hyperliquid over three weeks

News Editor

2026-08-31 20:57:48

Arkham blockchain data shows that wallets tied to Lazarus Group, the North Korean state-backed hacking organization, sold more than $30 million worth of Bitcoin on decentralized perpetuals platform Hyperliquid over the past three weeks. The proceeds were then used to buy Ether and Solana before being moved to centralized exchanges including Kraken, LBank, and KuCoin. Kraken said it maintains what it described as an industry-leading compliance program and continues to monitor on-chain activity to identify and block assets connected to sanctioned wallets. LBank and KuCoin said the risk is an ongoing challenge faced across the industry and added that public blockchain data does not necessarily reflect compliance controls at the platform level. The activity surfaced as the Trump administration explores bringing Hyperliquid into the regulated U.S. financial system. Trump said earlier this month that CFTC Chair Mike Selig is working on a path to introduce Hyperliquid into the U.S. in a fully compliant and lawful way. Bloomberg also reported that Payward, Kraken’s parent company, is in deep talks with Hyperliquid Labs about offering perpetual contracts to U.S. traders.

Wallets linked to Lazarus Group, the North Korean state-backed hacking organization, sold more than $30 million worth of Bitcoin on decentralized perpetuals trading platform Hyperliquid over the past three weeks, according to Arkham blockchain data cited by ChainCatcher. The funds were then used to purchase Ether and Solana before being transferred to centralized exchanges including Kraken, LBank, and KuCoin.

Funds moved from BTC sales into ETH and SOL

The Arkham data cited in the report shows a clear sequence: the Lazarus-linked wallets sold Bitcoin on Hyperliquid, with the total exceeding $30 million, then used the proceeds to buy ETH and SOL. Those assets were later moved to Kraken, LBank, and KuCoin.

Kraken, LBank and KuCoin respond

Kraken said it maintains an industry-leading compliance program and continues to monitor on-chain activity to identify and block assets tied to sanctioned wallets. LBank and KuCoin said the risk is a continuing challenge for the wider industry, adding that public on-chain data does not necessarily show the compliance measures operating at the platform level.

Report arrives as Hyperliquid’s U.S. path is under discussion

The development comes as the Trump administration explores ways to bring Hyperliquid into the regulated U.S. financial system. At a White House event earlier this month, Trump said Commodity Futures Trading Commission Chair Mike Selig is working on a pathway to introduce Hyperliquid in the United States in a fully compliant and lawful manner.

Bloomberg reported that Payward, Kraken’s parent company, is in deep talks with Hyperliquid Labs on offering perpetual contracts to U.S. traders.

Hyperliquid’s scale in perpetuals

Hyperliquid is described in the report as the dominant platform in decentralized perpetuals trading. Users can connect crypto wallets directly and trade without a traditional brokerage account or KYC checks. According to DefiLlama data, the platform’s cumulative perpetuals volume has exceeded $5 trillion, and current open interest stands at about $13.3 billion.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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