Arkham identified Lazarus-linked wallets selling more than $30 million in bitcoin through Hyperliquid over three weeks. The proceeds were converted into ether and solana and then transferred to Kraken, LBank, and KuCoin, although CoinDesk could not determine who controlled the receiving accounts. The activity highlights sanctions and anti-money-laundering exposure as U.S. officials consider pathways for bringing Hyperliquid into the regulated American market.