The KelpDAO hacker has accelerated its laundering operation. An on-chain analyst highlighted that 75,700 stolen Ethereum (ETH), price about $175 million, has now been “virtually totally” swapped for Bitcoin (BTC).
The conversion adopted Arbitrum’s Safety Council freezing attacker-linked ETH earlier this week, which pushed the hacker to speed up fund actions.
KelpDAO Exploiter Converts Stolen ETH to Bitcoin
In response to on-chain analyst EmberCN, the KelpDAO hacker has moved the stolen funds at a blistering tempo, offloading belongings in roughly 1.5 days. The attacker relied closely on THORChain to cross-chain swap ETH into BTC.
“The hacker’s exercise additionally introduced THORChain $800 million in buying and selling quantity together with $910,000 in platform payment income,” the analyst wrote.
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The fast exit follows an earlier setback for the attacker. EmberCN famous that the hacker misplaced entry to the ETH held on Arbitrum. Afterward, he started laundering the ETH.
A number of small transfers had been made via Umbra Money, the privacy-focused stealth fee protocol. Umbra has since pulled its hosted frontend offline and positioned it in upkeep mode.
In a press release, the workforce stated entry to the hosted frontend could be restored solely as soon as doing so wouldn’t intrude with ongoing restoration efforts.
The fallout has continued to hit the DeFi area. In a separate put up, EmberCN highlighted that Aave’s whole deposit quantity fell from $45.8 billion to about $29.6 billion. The cumulative outflow reached $16.2 billion after the rsETH incident.
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