Kelp DAO Hacker Launders $220 Million in Stolen Crypto Funds Within Six Weeks
By
@cointelegraph
If you only eat one bagel today, this is the bagel.
Summary
The hacker behind the $293 million Kelp DAO exploit has successfully laundered approximately $220 million of stolen funds within six weeks, leaving only $1.7 million traceable in the wallet. The funds were moved through two layers of bridging to Bitcoin, making them largely untraceable. Arbitrum's Security Council managed to freeze $71 million, but the vast majority of the stolen crypto has been effectively concealed.
Key quotes
· 3 pulledThe Kelp DAO hacker-tagged wallet appears to have laundered nearly all the stolen funds, with just $1.7 million remaining traceable in the wallet, according to blockchain data provider Arkham.
The malicious actor drained 116,500 Kelp DAO restaked ETH (rsETH) on April 18, pushing the total amount stolen from crypto hacks to $630 million for April.
The funds were laundered in two layers: bridging to Bitcoin
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