According to on-chain analyst ZachXBT and data from Arkham, the perpetrators of the $290 million KelpDAO heist have initiated the laundering process of their illicit gains. On Tuesday, during European hours, Arkham detected two transactions totaling $117 million and $58 million on the Ethereum blockchain, originating from the wallet controlling the exploit's proceeds. ZachXBT revealed that a portion of the stolen funds is being transferred across blockchains, with approximately $1.5 million being bridged from Ethereum to Bitcoin via Thorchain, and an additional $78,000 routed through the Umbra privacy protocol. The use of cross-chain transfers and privacy tools is a common practice in the initial 'layering' phase of money laundering, suggesting that the attacker is preparing to disperse the funds further.
The KelpDAO breach is one of the most significant DeFi incidents in recent months, triggering widespread negative sentiment and fears of contagion 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.