Summary
- Funds from the KelpDAO hack were actively laundered, sending THORChain trading volume sharply higher.
- The KelpDAO hacker moved about 34,500 ETH and converted most of it into Bitcoin (BTC) through cross-chain swaps.
- THORChain volume reached about $360 million over the past 24 hours, up more than 10-fold, while fee revenue also jumped to about $420,000.
Forecast Trend Report by Period
Funds stolen in the KelpDAO hack are being actively laundered, driving a surge in trading volume on decentralized swap protocol THORChain.
EmberCN reported on April 21 that the hacker began moving Ethereum funds the previous afternoon. So far, the attacker is estimated to have laundered about 34,500 ETH, worth roughly $80 million.
Most of the funds were converted into Bitcoin through cross-chain swaps. THORChain, a decentralized liquidity protocol, was used as a primary route in the process.
On-chain data shows THORChain handled about $360 million in volume over the past 24 hours, more than 10 times its previous daily average of about $20 million. Platform fee revenue also rose to about $420,000 during the same period, sharply higher than its previous daily average of about $5,000.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
