Will North Korea Allegations Derail Hyperliquid's US Entry Plans?

Wallets tied to North Korea's Lazarus Group moved more than $30 million in Bitcoin (BTC) through Hyperliquid over three weeks. The activity raises sanctions questions as the exchange pursues US market access.

Emmett Gallic, an analyst at blockchain intelligence firm Arkham, identified the wallets. He cited a 2024 attribution by investigator ZachXBT. The funds converted to Ether (ETH) and Solana (SOL) before reaching centralized exchanges including Kraken, LBank, and KuCoin.

Trump Name-Drops Hyperliquid for US Entry

President Trump named Hyperliquid directly at an August White House event. He credited Commodity Futures Trading Commission (CFTC) Chairman Michael Selig with leading the effort.

"I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion, working very hard on that," Trump said at the event.

HYPE, Hyperliquid's native token, traded at $84 on the BeInCrypto Markets page. That reflected a 5% gain over 24 hours. The muted move suggests traders have not priced in sanctions risk yet. The token set a record high of $86.71 on August 27, just days before the wallet activity surfaced.

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