Oh, just another day in the crypto world where hackers are basically superheroes with a side of financial chaos. The KelpDAO attacker has gone full “I’m outta here” mode, turning 75,700 stolen ETH into Bitcoin faster than you can say “layer-2 scaling solution.”
Arbitrum’s Security Council tried to freeze the attacker’s ETH, which is like telling a toddler to stop eating glitter-completely ineffective. Now the hacker’s on a 1.5-day sprint to Bitcoin, with THORChain’s wallet probably doing a happy dance.
KelpDAO Exploiter Converts Stolen ETH to Bitcoin
EmberCN’s on-chain detective work reveals the hacker’s moving assets so fast, even a crypto whale would be jealous. THORChain’s $800 million trading volume is probably a side hustle for this guy.
“The hacker’s activity also brought THORChain $800 million in trading volume along with $910,000 in platform fee revenue,” the analyst wrote.
Follow us on X to get the latest news as it happens-because nothing says “urgent” like a tweet from a crypto analyst who’s clearly been up all night.
THORChain was modelled after Bitcoin, to be permissionless and censorship resistant.
There’s no single person or entity in control of the protocol. There’s no admin key. There’s no 2-of-3 multisig. Currently, there’s 95 nodes spread globally that control the network. For the…
– THORChain (@THORChain) April 21, 2026
The hacker’s earlier setback? Like a toddler losing a toy-brief, dramatic, and quickly forgotten. Now they’re laundering ETH with the efficiency of a Swiss bank on a coffee rush.
Small transfers via Umbra Cash? Classic. Privacy protocols are just the crypto world’s version of a magician’s cloak-useful until someone yanks it off.
In a statement, the team said access to the hosted frontend would be restored only once doing so would not interfere with ongoing recovery efforts. Because nothing says “we’re totally not hiding anything” like a maintenance mode announcement.
The fallout has continued to hit the DeFi space. Aave’s total deposits fell like a deflated balloon after the rsETH incident. Meanwhile, the hacker’s probably sipping on a Bitcoin latte, smug as ever.
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2026-04-23 12:10