Kelp DAO Hacker Makes Off with Nearly $220 Million in Six Weeks

The recent Kelp DAO exploit has led to a significant increase in cryptocurrency hacking losses, with nearly $220 million laundered by the hacker behind the incident.

According to blockchain data provider Arkham, the malicious actor drained 116,500 Kelp DAO restaked ETH (rsETH) on April 18, pushing the total amount stolen from crypto hacks to $630 million for April.

The funds were laundered in two layers: bridging to Bitcoin using crypto mixer Wasabi and then returning to Ethereum before withdrawing and depositing via mixing protocol Tornado Cash, according to onchain analyst Specter.