#CryptoMarketSeesVolatility

Hacker KelpDAO Completes Washing 76,000 ETH Into BTC Via THORChain

The security of the liquid restaking ecosystem has been shaken after KelpDAO hackers reportedly completed laundering most of their 76,000 ETH stolen on Thursday (23/4). The funds worth $175 million have been converted into BTC through the Umbra privacy protocol and the THORChain network, a move that makes the assets nearly impossible to trace back.
​The urgency of this case has sharply increased because the hackers have executed their exit strategy completely, leaving very few gaps for security audit firms to recover. This activity even contributed transaction fees of $910,000 for THORChain. Analytics firm Arkham warned that the hackers' rapid laundering of this massive amount of assets poses a serious threat to investor confidence in similar DeFi protocols.
​Although Arbitrum Security Council managed to freeze the remaining 30,766 ETH, most of the user funds have been lost into the Bitcoin network. KelpDAO is now under intense pressure to provide compensation immediately to prevent a collapse in trust within the restaking sector. "We are focused on proper recovery and strengthening the protocol," said the KelpDAO team in an effort to quell market panic.