According to ZachXBT, a blockchain sleuth, and data from Arkham, the hackers responsible for the $290 million KelpDAO heist have initiated the laundering process of their stolen funds. Arkham's data reveals that the wallet controlling the exploit's proceeds made two significant transfers, totaling $117 million and $58 million, on the Ethereum blockchain during European hours on Tuesday. Furthermore, ZachXBT discovered that a portion of the stolen cryptocurrency has begun to be transferred across different blockchains. Approximately $1.5 million was routed from Ethereum to Bitcoin via Thorchain, while an additional $78,000 was channeled through the Umbra privacy protocol.
Notably, North Korean hacking group Lazarus has previously utilized Thorchain for laundering purposes. The use of cross-chain transfers and privacy tools is consistent with the initial 'layering' phase of money laundering, suggesting that the attacker may be preparing to further distribute the funds across multiple platforms. The KelpDAO breach is one of the most significant DeFi incidents in recent months, triggering a wave of negative sentiment and concerns about potential contagion across the DeFi sector.
In response to the hack, Layer 2 network Arbitrum announced that it had frozen $71 million in ether linked to the breach, which may pressure the exploiter to accelerate their efforts to move and launder the remaining funds.