KelpDAO Hacker Converts Most of 75,700 ETH Into Bitcoin
Suehyeon Lee
Summary
- Funds stolen in the KelpDAO hack were converted into Bitcoin (BTC) within a short period, driving a surge in THORChain trading volume.
- The KelpDAO hacker swapped most of 75,700 ETH into Bitcoin in about a day and a half.
- The transfers were carried out through cross-chain swaps using THORChain, generating about $800 million in volume and about $910,000 in platform fee revenue.
Forecast Trend Report by Period
Funds stolen in the KelpDAO hack were converted into Bitcoin (BTC) within a short period, driving a surge in trading volume on decentralized liquidity protocol THORChain.
EmberCN reported on April 22 that the KelpDAO hacker swapped most of 75,700 ETH, worth about $175 million, into Bitcoin in about a day and a half.
The transfers were carried out mainly through cross-chain swaps on THORChain. The protocol handled about $800 million in volume during the process and generated about $910,000 in platform fee revenue.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
