According to on-chain analyst ZachXBT and data from Arkham, the perpetrators of the $290 million KelpDAO heist have initiated the process of laundering 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. Additionally, ZachXBT reported that a portion of the stolen cryptocurrency has been moved across chains, with approximately $1.5 million being bridged from Ethereum to Bitcoin via Thorchain, and a further $78,000 routed through the Umbra privacy protocol.
This cross-chain routing and use of privacy tools are indicative of the early stages of money laundering, suggesting that the attacker is preparing to further disperse the funds. The KelpDAO breach is one of the most significant DeFi breaches in recent months, prompting negative sentiment and contagion fears across the sector. In response to the hack, Layer 2 network Arbitrum has frozen $71 million in ether linked to the breach, potentially pressuring the exploiter to expedite the movement and laundering of the remaining funds.