KelpDAO attacker converts nearly $175 million in ETH to BTC through THORChain
Crypto Briefing
The attacker behind the KelpDAO exploit successfully converted approximately $175 million in stolen ETH into Bitcoin using the THORChain protocol.Summary
Following an April 18 exploit that drained roughly $292 million from KelpDAO, the perpetrator converted 75,700 ETH into Bitcoin. The attacker utilized THORChain to facilitate these swaps, generating significant trading volume and fees for the platform. This conversion is part of a complex laundering strategy involving decentralized lending protocols, cross-chain infrastructure, and privacy tools to obscure the movement of stolen assets. Analysts suggest the sophisticated laundering patterns may be linked to North Korean state-affiliated groups.
(Source：Crypto Briefing)