After the sales, Ether and Solana were transferred to centralised exchanges
Wallets identified by Arkham as linked to the Lazarus Group sold more than $30 million in Bitcoin on Hyperliquid over the past three weeks, according to blockchain data reviewed by CoinDesk. The proceeds were used to buy Ether and Solana, which were subsequently transferred to Kraken, LBank and KuCoin. CoinDesk did not establish who controls the recipient accounts at the exchanges or whether the platforms were aware of the funds’ origin.
The wallets were first identified by researcher ZachXBT in 2024. Hyperliquid did not respond to CoinDesk’s requests for comment.
Hyperliquid allows users to connect digital asset wallets directly and trade without opening a traditional account or completing KYC checks. In a filing submitted in May, Bitwise said Hyperliquid developers and operators cannot require users who interact directly with the blockchain to undergo KYC, AML or sanctions-screening checks.
Kraken said it uses blockchain analytics providers to monitor on-chain activity and block assets associated with sanctioned wallets before they enter the platform. KuCoin said it could not verify or comment on the activity without reviewing the data, adding that public data does not necessarily show account restrictions or other compliance actions.
The Trump administration is exploring a route to bring Hyperliquid into the regulated US market. According to CoinDesk, that route would need to address derivatives-exchange rules, customer protections, market surveillance, and sanctions and anti-money-laundering risks. OFAC sanctioned Lazarus in 2019.
