The KelpDAO hacker has accelerated its laundering operation. An on-chain analyst highlighted that 75,700 stolen Ethereum (ETH), worth about $175 million, has now been “almost entirely” swapped for Bitcoin (BTC).
The conversion followed Arbitrum's Security Council freezing attacker-linked ETH earlier this week, which pushed the hacker to accelerate fund movements.
According to on-chain analyst EmberCN, the KelpDAO hacker has moved the stolen funds at a blistering pace, offloading assets in roughly 1.5 days. The attacker relied heavily on THORChain to cross-chain swap ETH into BTC.
Follow us on X to get the latest news as it happens
The rapid exit follows an earlier setback for the attacker. EmberCN noted that the hacker lost access to the ETH held on Arbitrum. Afterward, he began laundering the ETH.
Several small transfers were made through Umbra Cash, the privacy-focused stealth payment protocol. Umbra has since pulled its hosted frontend offline and placed it in maintenance mode.
In a statement, the team said access to the hosted frontend would be restored only once doing so would not interfere with ongoing recovery efforts.
The fallout has continued to hit the DeFi space. In a separate post, EmberCN highlighted that Aave's total deposit volume fell from $45.8 billion to about $29.6 billion. The cumulative outflow reached $16.2 billion after the rsETH incident.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
Read the Original story KelpDAO Attacker Launders 75,700 ETH Into Bitcoin in Day-and-a-Half Sprint by Kamina Bashir at beincrypto.com