Home / Technology / Crypto Hackers Race to Launder Stolen $300 Million
Crypto Hackers Race to Launder Stolen $300 Million
21 Apr
Summary
- Hackers are attempting to launder approximately $300 million stolen from Kelp DAO.
- Sophistication suggests possible affiliation with North Korea.
- Arbitrum froze $75 million in assets, prompting hackers to accelerate fund movement.
Hackers responsible for the year's largest cryptocurrency theft are actively working to launder approximately $300 million pilfered from Kelp DAO. Sophisticated techniques employed in the exploit suggest a possible affiliation with North Korea.
Blockchain security firm Cyvers reported that wallets associated with the hack began moving funds through obfuscation services. Around $175 million of the stolen assets were rerouted through platforms like THORChain, Umbra, and BitTorrent, as the attackers sought to conceal their trail.
This activity intensified on Tuesday, shortly after Arbitrum, an Ethereum network, froze about $75 million of the stolen assets. Arbitrum stated this was an emergency measure taken in coordination with law enforcement, part of a wider industry effort to prevent the attackers from cashing out.
The Kelp DAO exploit occurred on Saturday via a cross-chain bridge, resulting in the theft of roughly 116,500 rsETH, an Ether derivative. The total loss is estimated at approximately $293 million, making it the most significant crypto hack of the year so far.
