Lazarus关联资金经Hyperliquid流转，引发美国扩张合规担忧

🚨 Lazarus Activity Puts Hyperliquid's U.S. Expansion Under Scrutiny

Lazarus-linked wallets reportedly moved $30M+ through Hyperliquid, according to Arkham researcher Emmett Gallic.

The funds entered as bitcoin:native, were converted into $ETH and $SOL, bridged across Tron, Solana and Ethereum, and eventually reached several exchanges and services.

The timing is especially interesting.

Hyperliquid is currently exploring a path into the U.S. market, with Payward reportedly discussing a structure that could allow U.S. users to access Hyperliquid-linked perpetuals through regulated infrastructure.

So, is Lazarus trying to sabotage Hyperliquid's U.S. expansion? Probably not. There is no evidence of that.

But this is still a major compliance headache.

The issue isn't simply that $30M touched Hyperliquid. The bigger question is whether regulators will view the activity as evidence that a permissionless protocol can be adequately controlled when it moves into a regulated U.S. environment.

If Hyperliquid wants the U.S. market, regulators will likely demand a much clearer separation between its permissionless global activity and its regulated U.S. offering.

Lazarus may not be attacking Hyperliquid.

But its activity could give U.S. regulators another reason to look much closer.