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KelpDAO Hacker Swaps 75,700 ETH Into Bitcoin via THORChain

New reporting says the Balancer attacker swapped 7,000 ETH for 204.7 BTC via THORChain and still holds 15,000 ETH, adding context to broader exploit-linked fund movements into Bitcoin.

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Fact Check
The claim is strongly supported by the primary source, PeckShieldAlert X post 2047499915295924543, which explicitly states both parts of the claim: the KelpDAO exploiter moved all funds from Ethereum to Bitcoin via THORChain totaling 1,979 BTC, and the Balancer exploiter resumed activity after five months and began laundering funds via THORChain. This is corroborated by KelpDAO黑客完成「洗币」，近2000枚BTC转出；Balancer攻击者沉寂5个月后再度活跃 - BlockBeats, which cites the PeckShield post. Earlier reports in KelpDAO黑客已基本将1.75亿美元ETH洗牌为BTC - BlockBeats, KelpDAO 黑客将 7.57 万枚 ETH 兑换为 BTC ，交易价值 1.75 亿美元, and WuBlockchain X post 2047174772992454892 independently align with the earlier portion that roughly 75,700 ETH were swapped into BTC via THORChain. The only minor issue is wording: the claim says 'PeckShield states' and the strongest direct evidence comes specifically from PeckShieldAlert on X rather than a longer formal report, but that still counts as PeckShield's statement.
Summary

The wallet linked to the KelpDAO attacker previously moved 75,700 ETH, worth about $175 million, into Bitcoin through THORChain, with PeckShield later reporting the stolen funds had been fully shifted to Bitcoin for a total of about 1,979 BTC. A new update adds that the Balancer attacker swapped 7,000 ETH for 204.7 BTC worth about $15.88 million via THORChain. The Balancer-linked address still holds 15,000 ETH worth about $34.65 million, and the report notes that Balancer’s theft last November totaled about $98 million. The transactions underscore how cross-chain liquidity protocols can be used to move exploit-linked assets from Ethereum into Bitcoin.

Terms & Concepts
  • THORChain: A cross-chain liquidity protocol that lets users swap native assets across different blockchains without relying on centralized exchanges or wrapped tokens.
  • BTC: The native cryptocurrency of the Bitcoin network, used as a digital asset and unit of value transfer on the blockchain.
  • ETH: The native cryptocurrency of the Ethereum blockchain, commonly used for transactions, smart contract execution, and decentralized finance activity.